# New Career Skills Limited (03543335)

> Why UK company 03543335 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/03543335

- **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

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/03543335/filing-history/MzA5MzMwMDY5NGFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/03543335

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.