YRM UK Limited (03335485): administration
- Status
- Administration ended
- Administration began
- 2011-12-23
- Administrators
- Kevin Anthony Murphy, Richard Howard Toone
- Administrators' firm
- Insolvency Practitioners of CVR Global
- Formerly
- YRM Limited; Spendtext Limited
- Incorporated
- 1997-03-18
- Location
- London
- Industry
- 71111 Architectural activities
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Bad debts / customer insolvency
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 18 March 1997. On 9 April 1997, it acquired certain of the business and assets of Kendall Plc (“Kendall”) out of Recetvership. As part of the acquisition, the employees of Kendall were transferred to the Company. Until around 2006 the Company traded predominantly by providing architectural services to the aviation, education, technology and healthcare sectors The Company traded profitably between 1997 and 2009 With the onset of the recession and the anticipated reduction of revenue from its existing industry sectors, the Company shifted its focus on to the technology and nuclear energy sectors However, it made a loss of approximately £395,000 during the year ended 30 June 2010.
Despite the directors’ attempts to improve the Company's trading performance, it continued to be loss making in the year ending 30 June 2011. The Company’s cash flow position worsened as result, especially in the latter part of 2011 mainly attributable to the economic climate but also as a result of non-payment of invoices by customers and losses on some key architectural projects In an attempt to improve the Company's financial position, the Director considered various options as detailed below
| first met with the Director of the Company, Mr John Clemow, on 14 November 2011 At this meeting, Mr Clemow highlighted the Company's cash flow difficulties and also advised that their banking facility with Royal Bank of Scotland Ple (“RBS”) was unlikely to be renewed or extended.
Administrators' statement of proposals (2012-03-09) · Companies House register