Portfield Sports Cars Limited (02530011): administration
- Status
- Administration ended
- Administration began
- 2016-09-21
- Administrators
- William James Wright, Stephen John Absolom
- Administrators' firm
- KPMG
- Formerly
- Portfield Sports and Classics Limited; Summersdale Garage (Chichester) Limited
- Incorporated
- 1990-08-13
- Location
- Reading
- Industry
- 45112 Sale of used cars and light motor vehicles
Why it went into administration
- Parent or group failure
- Property / lease costs
- Sustained trading losses
- Regulatory change or action
From the administrators' statement
The Company was incorporated on 13 August 1990 and operated the group’s part exchange operations at Basingstoke where it sold used vehicles
3.2. Funding and financial position of the Company
The Company was primarily funded by an overdraft facility with Lloyds Bank PLC The majority of the vehicles were funded by credit provided by Black Horse Limited and other third party funders On appointment, the Company’s bank account was tn credit
Administrators' statement of proposals (2016-11-24) · Companies House register