Juniper (No.3) Limited (02997374): administration
- Status
- Administration ended
- Administration began
- 2013-07-11
- Administrators' firm
- BDO
- Formerly
- UK Coal Mining Ltd; RJB Mining (UK) Ltd; Central and Northern Mining Limited
- Incorporated
- 1994-11-28
- Location
- Liverpool
- Industry
- 05102 Open cast coal working
Why it went into administration
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- Regulatory change or action
- Cash flow / liquidity pressure
- Loss of a key customer, supplier or contract
- Pension deficit
From the administrators' statement
The group tn its current form was created through a fundamental restructure in 2012, required in order to preserve the value in both the property and mining businesses for the benefit of all creditors. The restructure allowed for the group to be split into separate mining and property businesses and to benefit from additional support from key stakeholders.
Ocanti Opco Limited formerly UK Coal Operations Limited (“OPCO”) operated two sections within two industry wide defined benefit pension scheme with a combined deficit of nearly £888 million (on a section 75 buy-out basis). These schemes were created on privatisation in 1994 (see further details below)
The mining property sides of the original group were separated via a unique solution where the pension schemes were left in the mining company only and the schemes were able to invest £30 million into the newly formed property business, headed by Harworth Estates. The property business contamed the property assets and associated bank debt and security This consensual restructure was supported by all of the original group’s main stakeholders, including shareholders, banks, customers, the pension schemes and the government, giving both the mining and property business improved prospects for the future,
Administrators' statement of proposals (2013-09-03) · Companies House register