Spinnaker Contract Services Limited (04769889): administration
- Status
- Administration ended
- Administration began
- 2020-03-02
- Administrators
- Tom Straw, Simon Robert Thomas
- Administrators' firm
- Moorfields
- Formerly
- Spinnaker Recruitment Limited
- Incorporated
- 2003-05-19
- Location
- London
- Industry
- 78109 Other activities of employment placement agencies
Why it went into administration
- Funding withdrawn / unable to refinance
- Loss of a key customer, supplier or contract
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 19 May 2003 and provided permanent, contract and temporary recruitment services to the UK construction industry. The Company had 10 full time employees and operated from Intemet House, 33 Kingston Crescent, Portsmouth, Hampshire, PO2 BAA.
Ultimate invoice Finance Ltd (“the Secured Creditor’) hold fixed and floating charge security over the Company and provided a Confidential Invoice Discounting Facility (‘CID’) in respect of its book debts, which they hold as security. At the date of the Administration the Secured Creditor was owed £706,399.
Prior to the Administration, several of the Company's key customers had ceased to trade, which severely impacted on the collectability of the sales ledger and on future revenues. In addition to the lass of revenue, the sales ledger had started to demonstrate an ageing profile and this in turn had led to several breaches on the CID facility.
Administrators' statement of proposals (2020-04-29) · Companies House register