Generay Holdings Limited (05560132): administration
- Status
- Administration ended
- Administration began
- 2012-09-27
- Administrators' firm
- Cork Gully
- Formerly
- Bealaw (781) Limited
- Incorporated
- 2005-09-12
- Location
- London
- Industry
- 70100 Activities of head offices
Why it went into administration
- Sustained trading losses
From the administrators' statement
Generay Limited (in Administration) (“GL”) operated a waste transfer facility and skip hire business from premises located at Fifth Way, Wembley GL was incorporated in 1975 On 5 October 2006, the shares of GL were purchased by Generay Holdings Limited (in Administration) (‘GHL”) GHL 1s wholly owned by the Trustees of the Peter Bran Prowting Settlement of 1987 (“Prowting 1987 Settlement’) The purchase was intended to diversify the investments of the Prowting 1987 Settlement GHL was incorporated in 2005
The consideration for the purchase comprised of an initial cash payment of £9,500,000 plus an element of deferred consideration contingent upon profits generated during the earn out period of 1 October 2006 to 30 September 2007 There ts an ongoing legal dispute between GHL and the sellers as regards the deferred consideration element of the sale agreement
AIB Group (UK) Plc (“AIB”) provided a secured loan of £4million against the operating premises located at Fifth Way, Wembley, HAS OJD (‘the Property”) on 4 May 2007
Administrators' statement of proposals (2012-11-27) · Companies House register