360 Creative Event Services Limited (02614924): administration
- Status
- Administration ended
- Administration began
- 2013-03-28
- Administrators' firm
- Kroll
- Formerly
- Expo Flora Limited
- Incorporated
- 1991-05-28
- Location
- Birmingham
- Industry
- 96090 Other service activities n.e.c.
Why it went into administration
- Creditor pressure / legal action
- Cash flow / liquidity pressure
From the administrators' statement
The Group had grown through a large number of acquisitions and, as a result, had become significantly over-geared with around £11 2 milion of secured debt and unsecured loan notes of around £4 8 milion The acquired businesses had not been well integrated and operated unintegrated management and financial systems The Group had not exploited the efficiencies that integrating the businesses into a coherent well run group would have offered
Consequently, the Group began to experience cashflow difficulties culminating in threats of legal action and a number of the Group companies were presented with County Court Judgments
In light of the cash constraints that the Group was experiencing in November 2012 the Group’s management commenced discussions with a major US based exhibition and events business named Freeman Decorating Co Inc (‘Freemanco’) with the aim of seeking a strategic alliance, or the sale of the Group's business to them
Administrators' statement of proposals (2013-05-14) · Companies House register