Puretech Racing Limited (05215625): administration
- Status
- Administration ended
- Administration began
- 2011-06-29
- Administrators
- Finbarr O'Connell, Nimish Chandrakant Patel
- Administrators' firm
- Begbies Traynor
- Formerly
- I-Racing Limited
- Incorporated
- 2004-08-26
- Location
- Croydon
- Industry
- 93290 Other amusement and recreation activities n.e.c.
Why it went into administration
- Property / lease costs
From the administrators' statement
Puretech Racing Limited (“PTR”) initially called 1-Racing Limited was formed in August 2004 by Ballracing Developments Limited (“BRD”) The Company changed its name to Puretech Racing Limited on 16 January 2006 The purpose for setting up PTR was to focus on the delivery of BRD technology to the general public
BRD wanted to co-develop race centres with a Siemens based consortium and in 2008 it signed an in-principle agreement to create the pilot race centre in Duba at the Fl-X Theme Park PTR was not trading at this point
The setting up of the FI-X race centre was severely affected by the credit crunch and was subsequently put on hold As BRD had already committed itself to £250,000 million worth of long lead time parts to build the ten full motion simulator systems it could not back out of the project. After discussions with F1-X in November 2008 it was agreed that the pilot centre would be located in the UK.
Administrators' statement of proposals (2011-09-01) · Companies House register