PG Branding Limited (02919363): administration
- Status
- Administration ended
- Administration began
- 2016-04-22
- Administrators
- Patrick Alexander Lannagan, Robert David Adamson
- Administrators' firm
- Mazars
- Formerly
- Premier Gifts Limited; Fundraw Limited
- Incorporated
- 1994-04-15
- Location
- Gildersome
- Industry
- 46190 Agents involved in the sale of a variety of goods
Why it went into administration
- Weather / natural events
From the administrators' statement
Mazars LLP were approached by Lloyds Bank Commercial Finance Limited (“Lloyds Bank Commercial Finance”) on 19 April 2016, after the Company, via their former advisors, had issued a Notice of Intentton to Appoint Administrators at Court and they had been notified accordingly
In line with their protocol, Lloyds Bank Commercial Finance wished for a panel firm to take the appointment, and I subsequently met with the Company on 20 April 2016, along with my colleague, Rob Cresswell, from Mazars Receivables Management, to discuss the Company’s financial position and proposed Administration
Following that meeting, at the Company’s request, we began to assist them 1n finalising the sale of the business to a connected party, HG Merchandise Limited (“HG Merchandise”), via a “pre-pack” transaction HG Merchandise had advised that they were concerned that the goodwill of the intrinsic business would be considerably damaged if they could not complete on the sale by close of business on 22 April 2016 There was also a concem that if trading ceased, it would have a negative impact on the debtor ledger, which could then result in a shortfall under Lloyds Bank Commercial Finance’s charge In addition, all employees would be made redundant, resulting in both preferential claims and redundancy costs
Administrators' statement of proposals (2016-05-11) · Companies House register