S P Holding Services Limited (03464899): administration
- Status
- Administration ended
- Administration began
- 2016-05-17
- Administrators
- Mark Malone, Gareth Prince
- Administrators' firm
- Begbies Traynor
- Formerly
- SP Holding Agricultural Services Limited
- Incorporated
- 1997-11-12
- Location
- Birmingham
- Industry
- 39000 Remediation activities and other waste management services
Why it went into administration
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
Beverley Fenton became director of the Company on 25" January 2016 after Mr Stephen Holding (the now former director) receved a custodial sentence after a VOSA investigation The Company was under investigation by VOSA for actions undertaken during the penod January 2012 to July 2012 Following this investigation, and subsequent court heanng, Mr Holding pleaded guilty to knowingly aiding and abetting dnvers to falsify records and paying dnvers for exceeding their hours against the Dnvers Working Time Directive This also led to Mr Holding being placed under a Restraint Order As a direct consequence of the above, the overdraft factlities provided by the Company's bankers were withdrawn immediately, impacting on cash flow
The Company was also expenencing cash flow pressure due to a high cost base in respect of liabilities due under finance agreements on the Company's fleet Assets were sold in order to generate revenue in an attempt to reduce the liability base but became apparent that the company could not generate sufficient income to meet the finance habilities and salaries on a monthly basis
The company was expenencing increasing creditor pressure and the director formed the view that the Company could not meet t's liabilities as they fell due without a large injection of funds (which was not
Administrators' statement of proposals (2016-07-18) · Companies House register