Landscape Management Services Limited (03724679): administration
- Status
- Administration ended
- Administration began
- 2018-06-20
- Administrators
- Lynn Marshall, Ian William Kings
- Administrators' firm
- KRE Corporate Recovery
- Incorporated
- 1999-03-02
- Location
- Newcastle upon Tyne
- Industry
- 81300 Landscape service activities
Why it went into administration
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Weather / natural events
From the administrators' statement
The Company was incorporated in 1998 and for many years undertook groundwork and landscaping works. The Company was successful for a number of years, trading mainly with local construction companies. The Company has granted a charge to Barclays Bank pic and also to Bibby Financial Services Limited, with whom their debts are subject to a factoring agreement.
Approximately 6 months prior to the cessation of trade, Mr Carmichael reduced his involvement with the business due to ongoing personal issues. The Company had a difficult start to the year and in May, when checking on the progress of certain of the projects, one major contract in particular snowed signs of lower than expected margins and subsequently potential cash flow problems. It also became apparent that there were no funds left in the bank account and that many of the suppliers had placed the Company on stop.
Mr Carmichael first contacted KRE (North East) Limited on 11 May 2018. It became apparent that the Company had severe cash flow issues but that significant monies were due in from the Company's ongoing contracts on debtors.
Administrators' statement of proposals (2018-08-27) · Companies House register