Rightstepcareers Limited (02960454): administration
- Status
- Administration ended
- Administration began
- 2016-04-06
- Administrators' firm
- KRE Corporate Recovery
- Formerly
- Coventry, Solihull and Warwickshire Partnership Limited; Coventry and Warwickshire Partnerships Limited
- Incorporated
- 1994-08-19
- Location
- 1-7 King Street
- Industry
- 78109 Other activities of employment placement agencies
Why it went into administration
- Pension deficit
From the administrators' statement
The Company 's a non-profit organisation that has delivered careers guidance for young people and adults within the Coventry and Warwickshire area for the past twenty years It was incorporated tn 1994 after becoming independent from the local government and traded successfully for a long period However, due to financial reductions in respect of funding from local government and other sources, alongside increasing pension costs, including handling a significant deficit, meant that the Company went through a penod of financial restructure from 2008 through to 2014 to adapt to the reduced budgets and requirement for financial constraint
Despite the year-ending 31 March 2014 being the first without a restructure, changes to the National Careers Service funding resulted in a £3 6m fall in income for year-ending 31 March 2015, resulting in a loss of £1 4m for the year However, this was in part due to a pension deficit payment and related costs of approximately £1m During the early part of financial year for 2016, the Company was able to restructure to the extent that it was profitable month-to-month whilst keeping West Midlands Pension Fund ("WMPF") satisfied that no further action was necessary tn regard to the pension deficit
Asummary of the Company's recent trading performance ts shown below
Administrators' statement of proposals (2016-06-13) · Companies House register