Hill Street Investments PLC (03563572): administration
- Status
- Administration ended
- Administration began
- 2014-01-10
- Administrators
- Gareth Wyn Roberts, Paul Ellison
- Administrators' firm
- KRE Corporate Recovery
- Formerly
- WRT Investments Limited
- Incorporated
- 1998-05-14
- Location
- Reading
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- Creditor pressure / legal action
From the administrators' statement
The Company is based in Watford and its principal activities are acquiring or investing in listed and unlisted companies The business Is primarily funded by a secured loan from TVI 2 Limited, a Jersey based investment fund, and several private unsecured investors
The Company has a substantial investment in Pathfinder Minerals pic (‘Pathfinder’) which is a quoted company which owns two sand mining licences in Mozambique The Company's shareholding in 2012 was worth circa £3 75 million and management intended to make small disposals to fund day to day operations However in February 2012 Pathfinder were advised that the licences were no longer registered in their name and had been transferred to Pathfinder Mozambique SA, an entity owned by a former director of Pathfinder
Pathfinder has since February 2012 litigated in both the UK and Mozambique to recover its assets and the share price has reduced significantly In addition the market for the shares is liquid and any attempt to sell large volumes would have a significant adverse impact upon the already low share price
Administrators' statement of proposals (2014-03-12) · Companies House register