Dairystix Limited (04794483): administration
- Status
- Administration ended
- Administration began
- 2012-02-13
- Administrators' firm
- Grant Thornton
- Formerly
- The Milkstick Company Limited
- Incorporated
- 2003-06-11
- Location
- Manchester
- Industry
- 7134
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Group underwent a number of shareholder refinancing agreements in 2010 and 2011 During January 2012 a further shareholder interim refinancing was in the process of being finalised which required further significant advances by the Bank against the debtor book The Bank commissioned a sepazate independent review of the debtors of Farmright and Quadia from Atlantic Risk Management Services Limited (Atlanuc), who reported its findings on 31 January 2012
As a result of the Atlant report and tn conjunction with the cash requirements of the Group, the Bank concluded that tt was unable to advance furthe: additional funding to the Group
Having considered the options available to them as a result of the funding shortfall, the directors and shareholder concluded that the best route for the Companies was for them to be placed into administration Consequently, on 13 February 2012 each of the Compantes made the direct appointment of administrators in accordance with paragraph 22 of Schedule B1 to the Insolvency Act 1986
Administrators' statement of proposals (2012-05-09) · Companies House register