Harland Simon Public Limited Company (02733439): administration
- Status
- Administration ended
- Administration began
- 2018-10-19
- Administrators' firm
- Opus Restructuring
- Formerly
- Fenshelf 10 Ltd.
- Incorporated
- 1992-07-22
- Location
- Milton Keynes
- Industry
- 62090 Other information technology service activities
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
Trevor Binyon met with the Company on 20 September 2018. He was advised the company turnover had dropped to £4,000,000 and they had identified immediate cash flow issues which meant they were unable to pay the monthly payroll and creditors without breaching the bank facilities. The bank were unable to support the company based on this situation. They therefore had to seek advice on their options. A letter of Engagement was signed on 24 September 2018.
To protect the Company against any creditors action whilst a restructuring plan was reviewed, the company sought an immediate moratorium by filing a Notice of Intention to Appoint Administrators. This was filed on 26 September 2018 and a second one was filed on 10 October 2018. Whilst the moratorium was in effect the business was marketed to attract offers to sell either part or all of the business.
On 19 October 2018, Trevor John Binyon, and Timothy John Edward Dolder of Opus Restructuring LLP were appointed Joint Administrators of the Company.
Administrators' statement of proposals (2018-11-20) · Companies House register