Clem Spencer Limited (04321639): administration
- Status
- Administration ended
- Administration began
- 2019-03-01
- Incorporated
- 2001-11-13
- Location
- Cheltenham
- Industry
- 42990 Construction of other civil engineering projects n.e.c.
From the administrators' statement
Historically the Company traded as a local construction business undertaking property development and improvement work. On 28 September 2018 the Company was used as a vehicle to acquire the trade and assets of WYW, by way of a pre-pack sale following WYW entering Administration.
In accordance with the terms of the sale security was granted to WYW in the form of a debenture over all the Company's assets comprising a fixed and floating charge. The consideration for the sale totalled £60,000 and was payable on deferred terms in monthly instalments.
Although the assets of WYW were acquired, trade was not proactively undertaken and operations were wound down. At this time the Directors took steps to make good the trading premises and introduce a new party to potentially occupy the Company's trading premises going forward. This did not come to fruition and we understand that the Company surrendered the lease for the trading premises early in settlement of other liabilities that may have been owed to the landlord (“the settlement’).
Administrators' statement of proposals (2019-05-13) · Companies House register