Policy Administration Services Limited (03907386): administration
- Status
- Administration ended
- Administration began
- 2014-09-16
- Administrators
- David James Kelly, Douglas Nigel Rackham
- Administrators' firm
- PwC
- Formerly
- 4U Services Limited; Grindco 288 Limited
- Incorporated
- 2000-01-14
- Location
- Leeds
- Industry
- 65120 Non-life insurance
Why it went into administration
- Loss of a key customer, supplier or contract
From the administrators' statement
Followmg the expiry of the O2 contract in January 2014, P4U had two ongoing network agreements with Vodafone and EE On 6 August 2014, Vodafone gave notice of their tention not to renew their existing network deal This meant that P4U would have been entirely reliant on EE for its network connections (with the exception of Life Mobile) and therefore would have breached certain terms of the current EE agreement On 12 September 2014, EE similarly gave notice that they did not intend to renew their current network agreement
Without network support, restructurmg the business was not viable The Group was about to enter a working capital cycle with significant outgoings on trade payables and stock inventories and there was an increased and considerable likehhood that eventually the Group would run out of cash
Faced with the almost inevitable insolvency of the Group, the directors concluded that they had no choice but to appoint administrators. Consequently, on 15 September 2014 we were appointed jomt admunistrators of the Group with the exception of PAS and Phosphorus Holdco plc, for which our appomtments followed on 16 September 2014 and 8 October 2014 respectively
Administrators' statement of proposals (2014-11-13) · Companies House register