UK Capital Ventures Holdings Limited (03721627): administration
- Status
- Administration ended
- Administration began
- 2012-05-18
- Administrators' firm
- Deloitte
- Formerly
- Ascot Environmental Holdings Limited; Unitfactor Limited
- Incorporated
- 1999-02-26
- Location
- Manchester
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Sustained trading losses
From the administrators' statement
The Bank requested the services of Deloitte Restructunng Services team to perform an independent business review in August 2011 following underperformance in UKCVH's main trading subsidiaries, Scotgen and Ascot This focused on the Group’s short term cash position and was followed by a second phase of work in September 2011 to examine in greater detail the medium term funding requirement of the Companies At this stage, the Bank, together wth the major shareholder, Mr Jim Hennessey, both made further funding available to the Group
Followng continued trading difficulties in Ascot a significant amount of trade creditor pressure had built up as a result of a reduction in contracting revenue A review of the short term cash flow position identified a minimum funding requirement of approximately £3m tn order to provide the Group with medium term stability
The shareholders and the Bank considered additional funding to the Group, but acceleration of unsecured creditor demands wthin Ascot and additional capital expenditure requirements at Scotgen resulted in the Group shareholders concluding that they could not meet the level of investment required
Administrators' statement of proposals (2012-07-13) · Companies House register