System Group Limited (03195134): administration
- Status
- Administration ended
- Administration began
- 2022-11-16
- Administrators
- Edward Williams, Timothy Andrew Higgins
- Administrators' firm
- PwC
- Formerly
- System Driver Training Limited
- Incorporated
- 1996-05-07
- Location
- Leeds
- Industry
- 96090 Other service activities n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Parent or group failure
From the administrators' statement
The Company was incorporated on 7 May 1996, and was acquired by System Training Group Holdings (an RCapital company) following the administration of Bridgewater Human Capital Group in February 2017. The Company was a training provider for the transport and logistics industry, principally training and assisting individuals to obtain a HGV licence. Its registered office was in Weybridge, Surrey, however, the Company’s head office was located in Speke, Liverpool. The office in Speke was used for central office functions with the majority of training being carried out remotely or at third party sites.
The Company is an immediate subsidiary of System Training Group Holdings Limited which we understand acted as a holding company only, the parent company is not subject to any insolvency proceedings.
The Company was financed by its 3 lenders, Barclays, STB and Deasil (being an entity associated with RCapital). Barclays and STB had debt finance, whereas Deasil had a combination of debt and equity funding. STB provided funding to the Company around the time that Deasil’s initial acquisition funding was provided in March 2017, whereas Barclays provided funding to the business by way of a separate loan facility from October 2020. Please see estimated outcome for creditors section later in this report for more information on the Secured Creditors.
Administrators' statement of proposals (2023-01-04) · Companies House register