Merchant House Group PLC (04034645): administration
- Status
- Administration ended
- Administration began
- 2013-04-12
- Administrators' firm
- Leonard Curtis
- Formerly
- Airow PLC; Forecastexpand Public Limited Company
- Incorporated
- 2000-07-17
- Location
- London
- Industry
- 64205 Activities of financial services holding companies
Why it went into administration
- Creditor pressure / legal action
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 17 July 2000 Initially the Company was wholly funded by shareholders unt! 2005 when £500,000 was raised by the issue of secured convertible loan notes
The Company latterly traded from serviced offices at 34 Lime Street, London EC3M 7AT The pnncipal trading activity was that of a holding company, funding investments in its subsidiary companies, Merchant Capital Limited (“MCL”), Merchant House Securities Limited, Aldermary Secretanes Limited and Merchant House Financial Services Limited ("MHFS”)
Since 2011, the Company has had to fund losses incurred in MHFS, which acquired a network of independent Financial Advisers in December 2010, which it funded from further issues of shares, loans and convertible loans In early 2012, the Company secured a further £2million by way of secured loan finance of £1 6million and equity of £400,000
Administrators' statement of proposals (2013-05-25) · Companies House register