Gdco 111 Limited (03868522): administration
- Status
- Administration ended
- Administration began
- 2012-07-16
- Administrators
- Daniel Mark Richardson, Nicholas Andrew Hancock
- Administrators' firm
- CG&Co
- Formerly
- Cpec Limited
- Incorporated
- 1999-10-29
- Location
- Manchester
- Industry
- 41100 Development of building projects
Why it went into administration
- Competition / price pressure
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
The Company was established in 1999, by director and shareholder Mr Chris Parr The company operated as a general building contractor, specialising in electrical installation and civil engineering works
The company started to experience cash flow problems in 2011, and the director Chris Parr decided to employ Steve Tomlinson as a business advisor and accountant Mr Tomlinson was successful in reducing costs and turning the busmmess back to being profitable.
However, it became apparent that the business required an injection of capital The company’s bankers, Lloyds TSB, were approached in January 2012 to provide further funding, but this was subsequently declined It was also requested whether the company could increase the percentage on their invoice discounting agreement, which was refused
Administrators' statement of proposals (2012-09-17) · Companies House register