Maypole Contracts Ltd (05525792): administration
- Status
- Administration ended
- Administration began
- 2011-04-04
- Administrators
- Mark Elijah Thomas Bowen
- Administrators' firm
- PwC
- Formerly
- Swanway Limited
- Incorporated
- 2005-08-02
- Location
- Birmingham
- Industry
- 7487
Why it went into administration
- Funding withdrawn / unable to refinance
- Loss of a key customer, supplier or contract
- Competition / price pressure
- Cash flow / liquidity pressure
- Over-expansion / investment not recovered
From the administrators' statement
Dave Pnce and Phil Marsh Formed the company in 2005 With 50 % share holding each Dave Price previously ran and owned a small gardens business. Phil Marsh at the time of formation owned a cleanmg company which employed 45 people CCA Ltd
Dave Pnice carried out gardemmg contracts for blocks of apartments and his customer base wanted to know ifhe could carry out the cleaning as well as gardening, therefore both carned out services at the same sites This was unproductive as both of sent members of staff to the same sites, thus anew company was formed Phil Marsh sold his cleaning company and Dave gave his contracts to Maypole contracts
The Company started very small with only one van so little capital was needed 1n the first instance HSBC was used for banking requirements, and as the company grew the overdraft was increased from 30K to 50K. After a period , part of this was converted into a loan and was to be repaid over 4 years with the overdraft facility reduced to 15K.
Administrators' statement of proposals (2011-05-18) · Companies House register