Touch Logistics Limited (04949875): administration
- Status
- Administration ended
- Administration began
- 2013-05-30
- Administrators
- David Harry Gilbert, Danny Dartnaill
- Administrators' firm
- BDO
- Incorporated
- 2003-10-31
- Location
- Reading
- Industry
- 62090 Other information technology service activities
Why it went into administration
- Loss of a key customer, supplier or contract
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
2.1 The Company was incorporated on 31 October 2003 and traded as a provider of on-site IT installation and maintenance services. It operated from leasehold premises at Aldershot and Stoke on Trent.
22 The Company grew following the award of contracts from UK-wide blue chip organisations Audited accounts indicate that turnover reached £8,289,780 for the year to 31 March 2007, which generated profit after tax of £110,470. Further information on the Company’s performance is set out at Appendix 1.
23 During tts first three years of trading the Company had made payments of approximately £5 million per year to a third party which provided capital support and national coverage of IT technicians. In this penod a debt totalling 1n the region of £1.7 million bunlt up in respect of services provided for which payment was not sought. In 2007 this debt was reclassified to a long term loan, and the negative balance on the Company’s profit and loss account throughout this penod, as shown at Appendix 1, is largely attributable to this loan position
Administrators' statement of proposals (2013-07-18) · Companies House register