The Recycling Company GB Ltd. (03228063): administration
- Status
- Administration ended
- Administration began
- 2013-05-17
- Administrators
- Henry Anthony Shinners, Panos Papas
- Administrators' firm
- Evelyn Partners
- Formerly
- Greenwood Services Limited; Greenwood Plant Services Limited
- Incorporated
- 1996-07-23
- Location
- London
- Industry
- 38210 Treatment and disposal of non-hazardous waste
Why it went into administration
- Loss of a key customer, supplier or contract
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated in 1996 and traded as a recycling plant dealing with the treatment and disposal of non-hazardous waste with a customer base primarily in the locality of the trading site in Bridgend, Wales The encumbent management purchased the business in early 2008 Turnover increased year on year, however administration costs rose significantly during the year ended 31 December 2011, resulting in a trading loss of £1.3m. Despite continued funding from the shareholder and efforts by the directors to reduce overheads, the Company was unable to meet its liabilities as they fell due and Richard Salvage, director and sole shareholder of the parent company, sought advice from Smith & Williamson LLP in early 2013 with a view to achieving a sale of the business as a going concern. At this time, we also provided general insolvency advice and details of matters to be regarded in respect of the obligations and fiduciary duties of the directors to the Company
By May 2013, following a period of marketing the business, with no firm offer forthcoming and the additional loss of a key contract, it became clear that an insolvency process was Inevitable The directors decided that trading should cease and the employees made redundant with effect from 16 May 2013
Following this, Henry Anthony Shinners and Panos Papas of Smith & Willlamson LLP, 25 Moorgate, London, EC2R 6AY licensed insolvency practitioners, were appointed joint administrators of the Company by the directors on 17 May 2013.
Administrators' statement of proposals (2013-07-12) · Companies House register