03566373 Ltd (03566373): administration
- Status
- Administration ended
- Administration began
- 2011-11-25
- Administrators
- Zelf Hussain, Robert Jonathan Hunt
- Administrators' firm
- PwC
- Formerly
- Passtor Limited
- Incorporated
- 1998-05-19
- Location
- Bristol
- Industry
- 7412
Why it went into administration
- Sustained trading losses
From the administrators' statement
Whilst TCL had been a profitable business, the Group had been loss making for a number of years. As a result, the Group had been unable to meet the capital repayments due to the Bank as they fell due The Bank had outstanding lending of £2129 million at the time of appomtment secured by fixed and floating debentures and cross guarantees from the Group companies (with the exception of TAL)
PwC were initially introduced to the Companies by the secured creditor, Barclays Bank Ple in October 2009 At the time of the introduction, the Group was in breach of its banking facilities and PwC were assisting the Bank in assessing the options in hght of the Group’s financial performance and projected results
The directors of the Group wanted to perform a solvent restructunng of the Group, with the Bank continuing to support part of the restructured group The solvent restructuring of the Companies and wider group could not be agreed with the Group’s directors, so a notice of intention to appoint administrators over the Companies was filed on 24 November 2011 by the Companies directors. On 25 November 2011, Zelf Hussain and Rob Hunt of PwC were appointed Joint Administrators over the Companies
Administrators' statement of proposals (2012-01-24) · Companies House register