Redtray Limited (03117187): administration
- Status
- Administration ended
- Administration began
- 2012-04-27
- Administrators' firm
- Cork Gully
- Formerly
- Red Tray Limited; Knowledge Centre Limited; Lawgra (No.324) Limited
- Incorporated
- 1995-10-23
- Location
- London
- Industry
- 62090 Other information technology service activities
Why it went into administration
- HMRC / tax arrears
- Competition / price pressure
- Cash flow / liquidity pressure
- Property / lease costs
- Management failings / irregularities
From the administrators' statement
Redtray Limited was incorporated in 1995 but did not commence trading until 2000 with the aim of supplying elearning bespoke content and training services to the corporate marketplace The original business extended its interests into various IT training related activities largely through acquisitions These included Knowledge = Power, Blue U, Boume Training, Q6, Academy Internet, PPI, Retendo Training and CSC Training Division These were funded by a mixture of equity and debt Jon Moulton was introduced to the Company in 2004 and has provided significant investment to the Company since
The Company sold directly to corporate customers, many of whom became customers as a result of the aforementioned acquisitions Business actwities included bespoke e-learning, Instructor Led Training (technical IT courses), project based training support and the provision of learning management system software applications The latter, together with bespoke e-learning was developed in an offshore (India) subsidiary PPI acquisition led the Company into the consumer training market and created the need for a stronger classroom based presence This in tum put pressures on revenue by virtue of higher fixed costs
The most recent published accounts to December 31° 2010 filed a £784,000 loss and recorded several financial transactions taking place post balance sheet Three separate nghts issues took place in January, July and September 2011 raising circa £1 4 million, including a £490,000 loan for equity swap by Jon Moulton Bank of Scotland provided an overdraft facility of £375,000 and HSBC an overdraft of £30,000 These both remained fully utilised throughout 2011 A bank loan that had been taken out to acquire CSC Training Business in 2005 was being repaid at a rate of £64,735 per quarter This balance was cleared with a final payment in January
Administrators' statement of proposals (2012-06-07) · Companies House register