New Hope Health & Home Care Services Limited (05134915): administration
- Status
- Administration ended
- Administration began
- 2012-04-18
- Administrators' firm
- Axiom Recovery
- Formerly
- Manchez Solutions Limited
- Incorporated
- 2004-05-21
- Location
- Bristol
- Industry
- 8514
Why it went into administration
- HMRC / tax arrears
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
The Company commenced trading on 1 June 2006 and traded as a specialist domiciliary care provider to service users in the community and also operated a care home The Company traded from four premises and employed 79 staff at the date it went into Administration
The Company traded well and its net profit increased each year In 2011 the business started to expand and opened new offices in Coventry, London, Kidderminster and Staffordshire Highly paid management staff were appointed to run these sites
The changes were not planned for properly and insufficient income was generated to cover the overheads and operation costs This had a negative impact on cash flow and resulted in the Company being unable to meet its financial obligations including payments due to H M Revenue & Customs (“HMRC”)
Administrators' statement of proposals (2012-06-07) · Companies House register