Springhead Fine Ales Limited (03388888): administration
- Status
- Administration ended
- Administration began
- 2018-06-14
- Administrators
- Andrew Fender
- Administrators' firm
- Insolvency Practitioners of Sanderlings
- Formerly
- Barley Trading Company Limited
- Incorporated
- 1997-06-19
- Location
- Solihull
- Industry
- 11050 Manufacture of beer
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
From the administrators' statement
2.1 The business was established in June 1997 and the principal activity of the Company was the manufacture of beer, and traded from leasehold premises at The Robin Hood Site, Main Street, Laneham, Retford, Nottinghamshire, DN22 ONA.
2.2 The Company entered into a Company Voluntary Arrangement on 5 February 2016 and continued to trade. Following this, considerable HMRC debt built up and negotiations took place to try and find a resolution. As part of this resolution, an agreement was reached whereby Liberty Leasing advanced £120,000 plus costs secured on the brewing equipment and a number of other assets including the casks.
2.3 Thincats Loan Syndicates, who had a specific charge over a large proportion of the equipment, released the charge to allow Liberty Leasing to advance the funds. This £120,000 was paid directly to HMRC on the understanding that HMRC would compromise the remainder of the debt being the sum of over £200,000.
Administrators' statement of proposals (2018-08-21) · Companies House register