Robin A Technology Realisations PLC (03095862): administration
- Status
- Administration ended
- Administration began
- 2012-11-08
- Administrators' firm
- KPMG
- Formerly
- AEA Technology PLC; 2037TH Shelf Investment Company Limited
- Incorporated
- 1995-08-29
- Location
- Birmingham
- Industry
- 62020 Information technology consultancy activities
Why it went into administration
- Sustained trading losses
From the administrators' statement
Prior to KPMG’s involvement, the Group had suffered from a reduction in public sector ~ spend and as a result, Technology revenues dropped from £71 million (financial year 2009) to £39 million (financtal year 2012) with profit falling £7 4 milhon during the same period In turn, this meant that the trading company struggled to generate sufficient cash to service Bank debt and pension contnbutions
As a result, the Group took the decision to explore sale options and market its businesses for sale Consequently, AEAT Group engaged KPMG on 26 July 2012 to determine and assess its options To facilitate this process, the Bank agreed to further support the Group for a limited period and extended its facilities by a further £5 million However, 1t became clear that a solvent solution was not possible for the Group with interest in the UK trading entity (the Company) being received for the business and assets only The Group therefore considered other options open to it, including administration
W)winje/hw/er/1f
Administrators' statement of proposals (2013-01-04) · Companies House register