First City Fire and Security Limited (02619045): administration
- Status
- Administration ended
- Administration began
- 2024-07-17
- Administrators
- Richard Cole, Steve Kenny
- Administrators' firm
- KBL Advisory
- Formerly
- Rentpulse Limited
- Incorporated
- 1991-06-11
- Location
- Sale
- Industry
- 81100 Combined facilities support activities
Why it went into administration
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
3.1 The Company's solicitor, Victor Welsh Legal Limited, introduced the director to KBL Advisory Limited on 28 June 2024. A review of the Company’s cash flow revealed that there would be insufficient working capital available to allow the Company to continue to trade in the short to medium term without worsening the creditor position.
3.2 The options that were considered between the director and KBL Advisory Limited are explained in detail in the SIP16 disclosure statement at Appendix IV. A pre-pack administration was considered to be the appropriate course of action and the director proceeded to fomally engage KBL Advisory Limited to assist with this process on 2 July 2024.
3.3 The Company had fallen into significant arrears with the numerous hire purchase companies and loan companies. As such, the directors considered the best course of action was to file a Notice of Intention to Appoint Administrators (“NOI”) to have the required protection of a moratorium, whilst the options for the business were explored.
Administrators' statement of proposals (2024-09-17) · Companies House register