Echo Holdings Limited (04163358): administration
- Status
- Administration ended
- Administration began
- 2012-03-21
- Administrators
- David Michael Riley, David John Dunckley
- Administrators' firm
- Grant Thornton
- Formerly
- European Courier & Hi-Tech Organisation Holdings Limited; Oval (1637) Limited
- Incorporated
- 2001-02-20
- Location
- Manchester
- Industry
- 64209 Activities of other holding companies n.e.c.
Why it went into administration
- Rising costs / inflation
- Loss of a key customer, supplier or contract
- Parent or group failure
- Competition / price pressure
From the administrators' statement
The Company is a 100% shareholder of ECHO ECHO 1s a leading provider in bespoke specialist techmical services and logistical solutions to a range of blue chip technology companies
The Royal Bank of Scotland plc (RBS) has a mortgage charge over ECHO dated 2 March 1995 and provided an overdraft facility and term loan of up to c £2m, which was crossguaranteed over the Group
In June 2001, the Group was subject to a Management Buy-Out that was funded by private equity firm ECI Ventures LLP (ECI) ECI had subsequently provided a guarantee to RBS for any amounts utilised by ECHO over £1 5m_ As a result, ECHO became hable for charges payable to ECI as the provider of the guarantee (which were calculated on a sliding scale) As at November 2011, these charges were understood to be c {2m
Administrators' statement of proposals (2012-05-09) · Companies House register