The BGM Group Limited (05175842): administration
- Status
- Administration ended
- Administration began
- 2013-04-19
- Administrators
- Brian Green, Paul Andrew Flint
- Administrators' firm
- KPMG
- Formerly
- MAC Design and Construction Consultancy Limited
- Incorporated
- 2004-07-09
- Location
- Manchester
- Industry
- 62020 Information technology consultancy activities
Why it went into administration
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Funding withdrawn / unable to refinance
- Competition / price pressure
From the administrators' statement
The Company provided strategic workplace solutions to a number of corporate clients from two leasehold offices in London and North Wales The primary services offered by the Company were that of office space management and move management
The Company had a £1 1 millon confidential invoice discounting (“CID”) facility with RBSIF, who provided the Company with funding at a rate of 75% against invoices aged less than 120 days RBSIF temporarily increased the limit in the CID facility from £1 | million to £1 3 millton in January 2013
The Company experienced significant cash flow pressure in 2012 and as a result was unable to make ongoing payments to Sargents (a key supplier) and the ageing of their creditor balance increased significantly In order to continue trading, an agreement was made with Sargents in December 2012 to convert £639,000 of the outstanding creditor balance into a short term loan with £450,000 to be repaid by 30 April 2013 Restore took security in the form of a debenture over the Company’s assets to protect their position
Administrators' statement of proposals (2013-06-19) · Companies House register