New Career Skills Limited (03543335): administration
- Status
- Administration ended
- Administration began
- 2013-11-28
- Administrators
- Jane Bronwen Moriarty, Allan Watson Graham
- Administrators' firm
- KPMG
- Formerly
- Future Open College Limited; YES Investments Limited
- Incorporated
- 1998-04-08
- Location
- London
- Industry
- 85590 Other education n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
The Company 1s a training skills company providing courses in plumbing and electrics to the general public The courses are financed by the Company who provide consumer credit (under a Consumer Credit Act Licence) to students The main asset of the Company is its debtor book which, as at the end of November, amounted to approximately £7 million The Directors confirmed that there are no other significant assets of material value in the business A review of the Company’s statutory and management accounts confirmed this
The Company operates from leasehold sites with a head office in Hastings and training centres in Watford, Doncaster and Southampton However, due to recent trading performance, the Southampton centre was closed on appointment of the Administrators Students aligned to this centre will receive their training at an alternative training centre
In hight of cash flow pressure the Company made the decision to undertake an AMA process This process had the support of the ultumate holding company, Bndges, which agreed to the appoimtment of a tumaround manager and solicitors, Pinsent, to assist with the AMA
Administrators' statement of proposals (2014-01-24) · Companies House register