Essence Business Solutions Limited (05516547): administration
- Status
- Administration ended
- Administration began
- 2012-04-10
- Administrators' firm
- The Redfern Partnership
- Formerly
- AVC Business Solutions Limited
- Incorporated
- 2005-07-22
- Location
- Bromsgrove
- Industry
- 7222
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Loss of a key customer, supplier or contract
- Bad debts / customer insolvency
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 22 July 2005 but did not start trading until December 2005. It was originally a subsidiary of AVC Global Services Group PLC (“AVC”) and traded as AVC Business Solutions Limited The Company’s primary focus was to act as a Microsoft Dynamics Partner re-selling the Microsoft Dynamics NAV software with associated implementation and on-going support service.
Initial growth was successful but conflicts with other parts of the AVC Group soon became apparent These led the AVC Group to conclude that they should hive off the Company The Company was offered for sale to the existing management in 2009 and on 26 October 2009 Essence International SRO, (“SRO”) a company which acted on the same basis as the Company but in the Czech Republic, purchased the equity for £125,000 together with an assumption of inter-company liabilities of £330,000, the latter to be repaid over an 18 month period.
Mr Sayany became the sole director of the Company. He also became the holder of 25% of the shares, the remaining 75% of the shares being owned by SRO
Administrators' statement of proposals (2012-05-21) · Companies House register