Wright Vehicle Solutions Limited (04797398): administration
- Status
- Administration ended
- Administration began
- 2022-09-02
- Administrators
- Marco Piacquadio
- Administrators' firm
- FRP Advisory
- Incorporated
- 2003-06-12
- Location
- Milton Keynes
- Industry
- 96090 Other service activities n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
From the administrators' statement
The Company was incorporated as Wright Vehicle Solutions Limited on 12 June 2003 and traded as a used car dealership which also provided onsite repairs and MOT services. On incorporation, the Directors and shareholders of the Company were John Parker and Paul Bullwright. The Company has been reasonably successful historically and has traded for almost 20 years. Both Directors remained in office until the resignation of Paul Bullwright on 12 April 2021, whereupon John Parker became the sole Director of the Company.
Upon the resignation of Paul Bullwright, a transaction was entered into between the Directors and a connected company (being WVS Holdings Limited) to acquire the shares previously held by the Directors. The intention behind this transaction was that all share capital of the Company, and that of an additional related company (being WVS Properties Limited) would be acquired by WVS Holdings Limited (a company solely controlled by Mr John Parker) as to facilitate the acquisition of Mr Bullwright's shares in the Company.
The Company's trading premises were located at 12 Dane Road, Bletchley, Milton Keynes, MK1 1JQ (“the trading premises"). The trading premises comprises of freehold land and buildings belonging to the connected company, WVS Properties Ltd ("WVS").
Administrators' statement of proposals (2022-11-03) · Companies House register