SP Realisations 2013 Limited (02999556): administration
- Status
- Administration ended
- Administration began
- 2013-03-22
- Administrators
- Sean Williams, Philip Deyes
- Administrators' firm
- Leonard Curtis
- Formerly
- Steffprint Limited; Relatively Stable Limited
- Incorporated
- 1994-12-08
- Location
- Manchester
- Industry
- 18129 Printing n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Creditor pressure / legal action
- Property / lease costs
- Sustained trading losses
- Credit insurance / supplier credit withdrawn
From the administrators' statement
The Company was incorporated in December 1994 The directors on our appointment were Mr Lee Hewitt, Mr Michael Watson and Mr George Wilkinson
The Company operated from leasehold premises at Unit 5, Keighley Industnal Park, Royd Ings Avenue, Keighley, West Yorkshire BD21 4DZ The leasehold premises ts owned by Michael Watson's pension fund The Company ts a pnintng business which utilised litho and digital pnnting machinery to provide high quality printing and print finishing solutions to customers The Company employed 27 staff
The Company was funded by way of an invoice finance agreement with Aldermore invoice Finance (Formerly Cattles Invoice Finance Limited) (“Aldermore”), which holds secunty by way of a debenture incorporating a fixed and floating charge over all assets and created on 29 Apnt 2003 Further funding to assist with cash flow pressure was provided by way of a loan in the sum of £100,000 from Reward Capital LLP (‘Reward’) in June 2012 Reward also holds security by way of a debenture (ranking behind that of Aldermore) incorporating a fixed and floating charge over all assets created on 8 June 2012 in addition to a personal guarantee from Michael Watson The Company also held several asset finance agreements tn relation to plant, machinery and motor vehicles The pnnciple finance was provided by Close Asset Finance (“Close”) in relation to a B1 printing press The finance payments for the press were c £25,000 per month
Administrators' statement of proposals (2013-05-08) · Companies House register