Crestel Partnerships Limited (03530415): administration
- Status
- Administration ended
- Administration began
- 2015-07-06
- Administrators' firm
- Kroll
- Formerly
- Crestel Construction Limited
- Incorporated
- 1998-03-19
- Location
- London
- Industry
- 43390 Other building completion and finishing
Why it went into administration
- Cash flow / liquidity pressure
- Funding withdrawn / unable to refinance
- Sustained trading losses
- Creditor pressure / legal action
- Loss-making contracts / project overruns
From the administrators' statement
The Company started to experience cash flow difficulties in March 2015 due to a number of loss-making contracts and over-trading, with the Company's turnover increasing significantly over the 24 months preceding the Appointment Date
The Company sought an increase tn its overdraft facility from the Bank to assist with its working capital requirements, but the terms of an increased facility could not be agreed between the Bank and the Directors No further funding was forthcoming from the Bank and there were no alternative funding arrangements available
Due to the Company's cash flow difficulties, the creditor pressure continued to mount and with no further funding available to meet the increased working capital requirements, the Company formally engaged Duff & Phelps on 15 June 2015 to undertake a review of the Company's financial position and forecasts, and provide independent advice on the options available to the Company Due to the lack of information provided, this review was not completed
Administrators' statement of proposals (2015-09-07) · Companies House register