Sovereign CCTV Ltd (05083742): administration
- Status
- Administration ended
- Administration began
- 2013-03-08
- Administrators
- Glyn Mummery, Jeremy Stuart French
- Administrators' firm
- FRP Advisory
- Incorporated
- 2004-03-25
- Location
- Brentwood
- Industry
- 80100 Private security activities
Why it went into administration
- HMRC / tax arrears
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Loss of a key customer, supplier or contract
- Competition / price pressure
From the administrators' statement
21 The Company was incorporated on 25 March 2004 and operated as a “Private Security” business, specialising in the provision of private security staff and services, predominantly to the construction industry based in London and the South East. It traded from rented premises in Loughton, Essex, and emptoyed 7 full time and 26 part time staff
22 The majority of the business was generated from a core client base of c 8 main customers, 7 of which were connected subsidiaries of a large housing contractor company, and these represent 80% of the Company’s turnover
23 In an attempt to increase the level of business, SCL made the decision to hire a senior business development manager at the end of 2011 who had been working in the security sector for the past 10 years, with a proven sales background Her appointment lasted approximately S months, during which she was unable to obtain any new contracts for the Company.
Administrators' statement of proposals (2013-04-19) · Companies House register