City Link (Properties) No. 1 Limited (02790014): administration
- Status
- Administration ended
- Administration began
- 2014-12-24
- Administrators
- Jonathon P Sumpton, Robert Hunter Kelly, Charles Graham John King
- Administrators' firm
- EY
- Formerly
- Hallamgate Enterprises Limited
- Incorporated
- 1993-02-15
- Location
- Leeds
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- Sustained trading losses
- Loss of a key customer, supplier or contract
- Property / lease costs
- Competition / price pressure
- Funding withdrawn / unable to refinance
- Loss-making contracts / project overruns
From the administrators' statement
The business which became City Link was onginally founded in 1969, delivering parcels tn the UK The business experienced periods of significant growth and expansion as well as changes in its ownership structure The business was acquired by Rentokil Initial ple in 1993 and was subsequently rebranded as City Link in 2006 Shortly after the rebrand the business merged with a competitor, Target
In April 2013, City Link's entire share capital was acquired by BECAP City Link, a vehicle formed for the purpose of the acquisition and ultimately owned by BECAP Fund BECAP Fund had provided the Companies with a total investment of ¢ £40m through a combination of debt and equity introduced via BECAP City Link (the “Funds Injection”) which was guaranteed by, and secured on the assets of, the Companies
City Link was an established national parce! courier service operating from 53 depots and four hubs tn locations situated across the United Kingdom Annual revenues were c £300m from the delivery of c 60m parcels per annum
Administrators' statement of proposals (2015-02-26) · Companies House register