Q Park Medical Limited (04906847): administration
- Status
- Administration ended
- Administration began
- 2012-05-15
- Administrators' firm
- Mazars
- Formerly
- Medistad Medical Limited
- Incorporated
- 2003-09-22
- Location
- Birmingham
- Industry
- 2524
Why it went into administration
- Property / lease costs
- Sustained trading losses
- Funding withdrawn / unable to refinance
- Competition / price pressure
From the administrators' statement
The Company’s accounts as at 31 December 2010 indicate that the Company has operated on a loss making basis The Company was purchased in February 2011 and tts owners are the shareholders of Proact Medical Limited The acquisition was made at a time when the Company had previously struggled and the purchasers believed that they could maximise the potential of the Company Since the acquisition in February 2011 | am advised the Company has encountered further difficulties in restructuring its operations and has therefore continued to operate on a loss making basis due to exceptional costs and lower than anticipated turnover Those losses have been funded by Proact Medical Limited
Scott Christian Bevan and Simon David Chandler attended a meeting of directors on 30 March 2012 to discuss the specific options available to the Company due to its financtal position At this point the directors advised that the Company was solvent as it had the continued support of Proact Medical Limited A break even position was forecast however a significant funding requirement was required
The Company could not continue operating on a floss making basis indefinitely and therefore the directors approached various third parties whom they believed would have an interest in purchasing the Company in an attempt to sell the business as a going concern Despite imitial interest and ongoing discussions this interest did not result in any offers to purchase the Company as a going concern
Administrators' statement of proposals (2012-07-05) · Companies House register