# Portfield Sports Cars Limited (02530011)

> Why UK company 02530011 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/02530011

- **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

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/02530011/filing-history/MzE2MjY5MDQ2MGFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/02530011

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.