Fairway Consultants Limited (03780370): administration
- Status
- Administration ended
- Administration began
- 2012-10-22
- Administrators
- Graham David Randall, Simon Edward Jex Girling
- Administrators' firm
- BDO
- Incorporated
- 1999-06-01
- Location
- Bristol
- Industry
- 62020 Information technology consultancy activities
Why it went into administration
- Cash flow / liquidity pressure
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 1 June 1999 and traded from leasehold premises near Cardiff. The business provided analysis of online job postings to recruitment companies, job boards and direct employers. Data 1s used to track customer and competitor online recruitment activity using specialist software.
Due to high start-up and software development costs, the Company was historically under pressure to service its commitments and had never reached the level of profitability expected. Whilst a healthy pipeline of customers was maintained with numerous lucrative annual contracts, expenditure and debt levels were too high to sustain, As such, the company found itself in a negative cash position, which it was not able to continue to service.
BDO LLP were introduced to the Company at the request of Finance Wales Investment (2) Ltd (“Finance Wales”) in Cardiff, in order to advise the Company on options available, with an initial meeting taking place on 25 September 2012.
Administrators' statement of proposals (2012-11-19) · Companies House register