Bezier Acquisitions Limited (05462837): administration
- Status
- Administration ended
- Administration began
- 2011-08-19
- Administrators
- Matthew David Smith, Nicholas Guy Edwards
- Administrators' firm
- Deloitte
- Formerly
- Hackremco (No. 2272) Limited
- Incorporated
- 2005-05-25
- Location
- London
- Industry
- 2222
Why it went into administration
- Funding withdrawn / unable to refinance
- Sustained trading losses
From the administrators' statement
The Group had a significant amount of secured debt, £78 6m, on Its balance sheet This was comprised of senior debt, mezzanine debt and a revolving credit facility of £46m, £16m and £16m respectively, which was all secured against the Group’s assets Due to a deterioration in trading conditions and the high cost of servicing interest payments, the Group was forecast to run out of cash by the end of August 2011 without the injection of additional funds
The Previous Lenders at the time were unwilling to inject additional funds into the existing Group structure, and engaged Deloitte CFA to run a disposal process in June 2011 Asa result of this process, the secured debt was subsequently purchased by the Secured Lender, Grace Bay tI Holdings S ar|, an associate of H| G Magenta, in July 2011
The only assets of the Company were its shareholdings in Bezier Holdings, Coutts, Pointer Design and Bezier Ireland Following significant restructuring negotiations with the Company’s key stakeholders, the Company's directors appointed Administrators on 19 August 2011 to implement a pre-packaged sale of these shareholdings 1n order to ensure the best result for creditors
Administrators' statement of proposals (2011-10-13) · Companies House register