Remax Security Limited (04588856): administration
- Status
- Administration ended
- Administration began
- 2016-04-08
- Administrators' firm
- KPMG
- Formerly
- TSG Security Limited; Guardsmark (UK) Limited; Draftextra Limited
- Incorporated
- 2002-11-13
- Location
- Liverpool
- Industry
- 96090 Other service activities n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
The Company provided security services to private organisations and government departments The Company advised that tt and a sister entity, Jameson and Harrison Security Limited — in Administration (formerly known as The Shield Guarding Company Limited) (“Jameson and Harrison”), collectively employed approximately 750 staff at the date of appointment of the Joint Administrators
The Directors of the Company and Jameson and Harrison actively sought a sale of the business throughout 2015, however this was unsuccessful Cash flow pressures in early 2016 led the Directors to seek to expedite a sale of the business or face closure
The Company advised that wages and salaries totalling circa £900,000 were due to be paid to employees of both the Company and Jameson and Harrison on 8 April 2016, however funds were not available to make these payments The parent company and ultimate controlling party were both unable to advance any further funding to the Company, and the Directors advised that no additional funding was available from the secured creditors
Administrators' statement of proposals (2016-05-05) · Companies House register