Ventures UK BHR Limited (05256869): administration
- Status
- Administration ended
- Administration began
- 2017-05-19
- Administrators' firm
- KRE Corporate Recovery
- Formerly
- Ventures UK Limited; Ventures UK PLC; Ventures UK Limited; Lyndhurst Estates (UK) Limited
- Incorporated
- 2004-10-12
- Location
- Newcastle upon Tyne
- Industry
- 31090 Manufacture of other furniture
Why it went into administration
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Bad debts / customer insolvency
From the administrators' statement
The Company was formed in October 2004 and until late 2015 was a non-trading holding company. In July 2015 NJL Yorkline Holdings Limited (a subsidiary of the Company now called Group Consolidation Limited) secured a large contract to manufacture and install specialist furniture. The contract incorporated a parental company guarantee, provided by the Company.
The Contract was delayed and due to the lack of income left NJL Yorkline Holdings Limited with severe cash flow problems resulting in the liquidation of the company.
The parental guarantee was called and all employees were transferred from NJL Yorkline Holdings Limited to the Company. This left the Company with a bad debt.
Administrators' statement of proposals (2017-07-21) · Companies House register