Pentagon (UK) Limited (03267970): administration
- Status
- Administration ended
- Administration began
- 2019-06-13
- Administrators' firm
- Begbies Traynor
- Incorporated
- 1996-10-24
- Location
- London
- Industry
- 96090 Other service activities n.e.c.
Why it went into administration
- Regulatory change or action
From the administrators' statement
4.1 The historical financial results of the Company, as set out above, showed that the Company has been making profits in the years leading up to 2017, however since then, the management accounts for the period up to April 2019 show that the Company has made losses. The Company was rendered insolvent by the request for the remedy of the loan agreement by KPI made on 31 May 2019.
4.2 In view of the Company’s financial situation my firm was approached by KPI to offer insolvency advice. I met with Kevin Still and Jamie Davies to discuss the Company’s financial position on 3 June 2019, and maintained dialogue with KPI throughout the process.
When viewed with its inability to pay its debts as and when they fell due, it was clear that the Company was insolvent both on a cash flow basis and on a balance sheet test. The Company was not able to offer any substantive proposal to repay the loan facility other than through the appointment of an Administrator. It was considered that there were likely to be a number of interested parties in the debt management marketplace who, it was hoped, would purchase some or all of the assets of the business.
Administrators' statement of proposals (2019-08-20) · Companies House register