Global Water Conservation Limited (03919463): administration
- Status
- Administration ended
- Administration began
- 2014-07-02
- Administrators
- William Matthew Humphries Tait, David Harry Gilbert
- Administrators' firm
- BDO
- Incorporated
- 2000-02-04
- Location
- London
- Industry
- 43220 Plumbing, heat and air-conditioning installation
Why it went into administration
- Loss of a key customer, supplier or contract
- Cash flow / liquidity pressure
- Management failings / irregularities
- Competition / price pressure
From the administrators' statement
The company was incorporated on 4 February 2000 and traded from its head office Umt 2, Stairbridge Court, Stairbridge Lane, Bolney Grange Business Park, Bolney, West Sussex RH17 5PA providing services to water compantes which included leak detection, water management, environmental services and zonal management.
The company funded its working capital requirements through an invoice discounting facility (“IDF”) from Barclays Bank Plc (“Bank”). Under the terms of the facility the company’s debtors were purchased by the Bank. Therefore the debtors do not form part of the company’s assets. The Bank also advanced a term loan and an overdraft The borrowings are supported by a debenture dated 4 December 2013 containing fixed and floating charges over the company’s assets. Further details can be found further on in the report under paragraph 9
The company had operated profitably to the year ended 31 March 2013. However, 1n the year to 31 March 2014 the company lost contracts which had previously contributed to the operating profit. These contracts were replaced during the period, however, exceptional costs were incurred ensuring compliance with the service level and training requirements of the new customers
Administrators' statement of proposals (2014-08-28) · Companies House register