Brightstart Nurseries (Fylde) Limited (05145693): administration
- Status
- Administration ended
- Administration began
- 2011-09-05
- Administrators
- Anne Clare O'Keefe, Graham Michael Wild, Simon Wilson
- Administrators' firm
- AlixPartners
- Incorporated
- 2004-06-04
- Location
- Manchester
- Industry
- 8010
Why it went into administration
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Creditor pressure / legal action
From the administrators' statement
The Company was incorporated on 4 June 2004 and 1s part of a group consisting of four companies, related by common shareholders and directors, including Bnightstart Care Home Limited (the Care Home), Steve Barratt Properties Limited and Steve Barratt & Sons (Bricklaying Contractors) Limited (collectively the Group). During 2009, the other Group compantes faced cash flow difficulties At this time the Company was profitable and the cash surpluses generated were used to support the Group companies.
Since 2009 the Group has continued to suffer cash flow problems as the Care Home was not fully occupied and during recent months the nursery trade had deteriorated resulting in increasing cash pressure. As a result, the directors considered a Company Voluntary Arrangement (CVA). For a CVA to succeed the support of the Company’s major creditors would be required, but this was not forthcoming. HM Revenue and Customs (HMRC) subsequently issued a winding up petition which was scheduled to be heard at 11.30 am on 5 September 2011
As a result of the detenorating financial situation, and in order to obtain control over the assets, Clydesdale Bank plc trading as Yorkshire Bank (the Bank), in its role as qualifying floating charge holder, appointed Graham Wild, Simon Wilson and Anne O’Keefe, insolvency practitioners licensed in the UK, as Joint Administrators of the Company on 5 September 2011 The Joint Administrators were also appointed Admunstrators of the Care Home on the same date
Administrators' statement of proposals (2011-10-17) · Companies House register