Capital Network Solutions Limited (03167139): administration
- Status
- Administration ended
- Administration began
- 2024-02-21
- Administrators
- Geoffrey Paul Rowley, David Paul Hudson
- Administrators' firm
- FRP Advisory
- Formerly
- Celtcourt Limited
- Incorporated
- 1996-03-04
- Location
- London
- Industry
- 62020 Information technology consultancy activities
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
Following FRP’s engagement, it became apparent that the Group and the Company were experiencing severe cash flow swings. There was also a distinct lack of visible financial controls on the basis that the Group had not prepared cash flow forecasts for a 13-week period.
The Group was also approaching its overdraft limit with Clydesdale. Further, the directors advised that Clydesdale had been intending to reduce its temporary overdraft level for the Group from £350,000 to £250,000. As a result, funding for the Group and the Company had been increasingly restricted, which had impacted its ability to trade.
In light of the Group’s financial position, it was evident that further funding would need to be sought from shareholders.
Administrators' statement of proposals (2024-04-30) · Companies House register