Turquoise House Limited (04694493): administration
- Status
- Administration ended
- Administration began
- 2016-08-04
- Administrators
- Howard Smith, Jonathan Charles Marston
- Administrators' firm
- KPMG
- Incorporated
- 2003-03-12
- Location
- Leeds
- Industry
- 23610 Manufacture of concrete products for construction purposes
Why it went into administration
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
Europanel suffered a reduction in turnover during FY15 and FY16 resulting in cash flow pressures As a result 1t was unable to make the necessary loan repayments to Panacea In addition, due to the lack of available funds, the Company was also unable to make the necessary repayments due
KPMG was engaged by Europanel in July 2016 to run an accelerated sale of business process However, there was no interest in acquiring Europanel's business and assets as a going concern
It became clear that the Company and Europanel were unable to meet the repayment amounts As a result, the Director resolved to place the Company into administration
Administrators' statement of proposals (2016-10-06) · Companies House register