GPFS 2024 Realisations Limited (03337954): administration
- Status
- Administration ended
- Administration began
- 2024-05-03
- Administrators
- Jonathan Charles Marston, Michael Thomas Denny
- Administrators' firm
- Alvarez & Marsal
- Formerly
- GO Plant Fleet Services Ltd; Essential Fleet Services Limited; Kier FPS Limited; MAY Gurney Fleet and Passenger Services Limited; Translinc Limited; Willoughby (121) Limited
- Incorporated
- 1997-03-18
- Location
- Brighton
- Industry
- 49319 Other urban, suburban or metropolitan passenger land transport (not underground, metro or similar)
Why it went into administration
- Cash flow / liquidity pressure
- Sustained trading losses
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- Creditor pressure / legal action
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 18 March 1997, with its main operations being the provision of specialist vehicle hire and rental solutions to private and public sector customers. The Company’s head office was based in Coalville but operated from a nationwide network of depots and service centres. The Company operated and owned a fleet of approximately 831 specialist vehicles, servicing Local Authorities and private customers.
In 2015, Endless LLP (“Endless”) acquired the Company and later, in 2017, acquired GPL 2024 Realisations Limited (formerly Go Plant Limited) (“GPL”), which is also in administration, via an investment vehicle (Alpha Holdco 1 Limited) (together “the Group”). Since the acquisition of the Company and GPL, Endless had been working alongside management to address legacy operational challenges and implement performance improvement initiatives. These were focused inter alia on governance across waste management and vehicle maintenance, delivering an end-to-end system integration, and improving the quality of financial reporting and management information.
In light of the above and in the context of sustained macro challenges in the Company’s core markets, management undertook a reforecasting exercise which focused on addressing underperforming contracts and increasing the utilisation of the existing fleet. After considering this reforecast and in the context of sustained trading losses, Endless and the board considered the strategic options available to facilitate an investment exit for Endless and to provide the optimal platform for the go-forward business. This led to our engagement to provide services to the Group as set out in Section 3.3.
Administrators' statement of proposals (2024-07-02) · Companies House register