WPHL 2009 Realisations Limited (02949408): administration
- Status
- In administration
- Administration began
- 2009-03-16
- Administrators
- Terry Evans, Victor Henry Ellaby
- Formerly
- Wessex Plant Hire Limited; SMPH Limited; Steve Mead Plant Hire Limited
- Incorporated
- 1994-07-15
- Location
- Bristol
- Industry
- 4550
Why it went into administration
- Competition / price pressure
- Property / lease costs
From the administrators' statement
The initial introduction to the Company came from the Company’s accountants Rossiter Smith & Co.
Prior to appointment the Joint Administrators met with the directors to discuss and advise on the Company’s financial position which can be summarised below:-
Following the general downturn in the construction industry resulting in falling turnover, the Company had been experiencing cash-flow difficulties. The Company was financed by an overdraft facility of £70,000 from NatWest Bank Pic (“the Bank”) and an invoice discounting line from RBS Invoice Finance, both secured by debentures. The Bank had requested a reduction of £5,000 per month in the overdraft facility to a limit of £50,000. In addition the advance on the invoice discounting line was being reduced from 90% to 85% at the rate of 1% per week.
Administrators' statement of proposals (2009-05-20) · Companies House register