OMI Consultancy Limited (03951934): administration
- Status
- Administration ended
- Administration began
- 2016-05-20
- Administrators' firm
- Armida Business Recovery
- Formerly
- Armida Limited; Pethergold Limited
- Incorporated
- 2000-03-20
- Location
- 12 Mill Hill
- Industry
- 69201 Accounting and auditing activities
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
The Company was incorporated under the name of Pethergold Limited on 20 March 2000 to carry on the business of a chartered accountancy practice following a de-merger of an existing practice There were orginally four founding shareholders and six duectors The Company changed tts name twice, to Armida Limited on 17 April 2000, and to OMI Consultancy Limited on | May 2016
Despite early growth, a strong client base and the good team at the practice, the performance of the business suffered as a 1esult of the departure of shareholders and directots over time, which had financial consequences as well as a cost in terms of time spent dealing with the departures The sum of £450,000 repaid to earsting shareholders was met partly from profits generated by the Company and partly by funds raised by the remaining duector, Timothy Maton, personally
The Company had also signed up to a long-term property lease for excess office space, which was to be used for expansion of the business prior to the departure of the other shareholdets fiom 2005 onward The surplus, unused space is estimated to have cost the business in eacess of £30,000 per annum, a total cost of in excess of £300,000, according to the 1emaining director A connected insolvency firm, Armida Business Recovery LLP (now known as Solvency Solutions (South East) LLP), contirbuted towaids the rental cost of office space, but this business relocated to smaller premises in early 2015 The long-term lease came to the end of the term in 2013 and a new short-term lease agreement was entered into. but the annual cost of the new lease was not significantly lower
Administrators' statement of proposals (2016-07-08) · Companies House register