The Force Group of Companies Limited (03762225): administration
- Status
- Administration ended
- Administration began
- 2012-01-19
- Administrators' firm
- Mazars
- Formerly
- Roof Force Limited
- Incorporated
- 1999-04-28
- Location
- Manchester
- Industry
- 7487
Why it went into administration
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
The Company began to trade in 1999 as Roof Force Ltd and grew steadily, making modest profits year on year in the first five years The Company’s business grew to provide a range of building services, including roofing, scaffolding, decorating and property refurbishment Then, in 2004, the Company changed its name to The Force Group of Companies Ltd and 1n the same year, invested in its first major development at Wick Road, Hackney, London The cost of this investment was financed by bank borrowing and by funding provided by the director Planning consent was obtained for the land and the property was sold on at a profit, in an undeveloped state to Newlon Housing Trust
During 2007, the Company purchased land and properttes in and around The Maltings, Fordham Road, Newmarket, CB8 7AA, with mortgage funding of some £1,100,00 provided by Lloyds TSB Bank Pic (“the Bank”) and £1,000,000 invested by the Company Planning consent was granted in Apml 2008 for the “conversion of existing kiln and range of buildings to residential use, construction of new town houses and apartment buildings with a central semi basement car park” This consent included a provision for the Company to provide 15 affordable housing units to be controlled as part of the development
Demolition and clearance work commenced in the autumn of 2008, funded 1n part from the surplus funds arising from the sale of the Wick Road property, and work began on the residential units In March 2009, a transfer of land within the boundary of the development took place and the affordable housing was transferred to Hastoe Housing Association Ltd, subyect to a Development Agreement and a deposit of £400,000 These funds were paid over to the Bank in settlement of part of the security held by the Bank
Administrators' statement of proposals (2012-03-15) · Companies House register