Mcardle Stabilisation Limited (03252090): administration
- Status
- Administration ended
- Administration began
- 2013-04-29
- Administrators' firm
- PwC
- Incorporated
- 1996-09-19
- Location
- Leeds
- Industry
- 42990 Construction of other civil engineering projects n.e.c.
Why it went into administration
- Sustained trading losses
- Cash flow / liquidity pressure
From the administrators' statement
Prior to our appointment, in March 2013 the Group had engaged its auditors to perform an independent business review This, together with a new finance team, highlighted a number of issues in the business including the non-integration of an acquired subsidiary, McKenna, the underperformance of the waste division and a general disconnect between operations and finance
The challenges noted above, combined with a decline in trading, increased cash pressure The Group’s directors recognised that without additional funding, the cash pressure would increase Consequently, PwC were engaged to carry out contingency planning from 26 March 2013
At the time of our initial engagement, Mercier had engaged a boutique corporate finance firm, LBC, to seek alternative investors or failing this, to sell the businesses A sales process was conducted, reaching out to private equity interests, trade buyers and individual investors However, no offer was received by the deadline given of April 2013, and the directors subsequently resolved to place the Companies into Administration
Administrators' statement of proposals (2013-06-21) · Companies House register