Watercare International Ltd (04899646): administration
- Status
- Administration ended
- Administration began
- 2020-01-28
- Administrators
- Benjamin John Wiles, Geoffrey Wayne Bouchier
- Administrators' firm
- Kroll
- Incorporated
- 2003-09-15
- Location
- London
- Industry
- 71121 Engineering design activities for industrial process and production
Why it went into administration
- Funding withdrawn / unable to refinance
- Competition / price pressure
- Cash flow / liquidity pressure
From the administrators' statement
The Directors made several attempts to refinance the business in the six months prior to the appointment and the Company underwent a restructuring in December 2019 with Watercare Holdings becoming the sole shareholder and RCH 9 the majority shareholder of Watercare Holdings.
Following this, the Company’s invoice discounting facility provided by Exworks was terminated. The facility was terminated due to alleged misconduct, which. coupled with insufficient book debt assets to repay the facility meant that the Company was balance sheet insolvent. Following the freezing of any further drawdowns from the invoice discounting facility, the Company was unable to pay its debts as and when they fell due and was also insolvent on a cash flow basis.
Appointment
Administrators' statement of proposals (2020-03-27) · Companies House register