From the administrators' statement

The Company was incorporated on 29 March 1994 by former directors, Leonard Troth and Stuart Lomas. The current directors, Adrian Starmer and Peter Staruer, were introduced to the Company in 2000 and 2004 respectively

The Company’s sole shareholder 1s Sandell Group (UK) Limited, formerly Sandell Interiors Holdings Limited (‘the Group’), which holds 1,000 ordinary shares

The current directors purchased the Company from the former directors in January 2004. They funded the purchase of the shares with a bank loan of £600,000 from the Governor and Company of the Bank of Scotland (‘the Bank’), loan notes of £425,000 to the previous directors and released cash reserves of £475,000, totalling £1,500,000. The Bank was given a debenture over the compames within the Group as well as a cross guarantee over all of the group compares

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Rigzone Limited (02913809)

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