24/7 Residential Care Limited (05578337): administration
- Status
- Administration ended
- Administration began
- 2013-03-07
- Administrators
- Lisa Jane Hogg, Robert Neil Dymond
- Administrators' firm
- Wilson Field
- Incorporated
- 2005-09-29
- Location
- Sheffield
- Industry
- 87900 Other residential care activities n.e.c.
Why it went into administration
- Regulatory change or action
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 29 September 2005 but remained dormant until April 2011 when the Company commenced trade The Company operated from various premises in Devon and Cornwall and provided residential care for children
The Company started to experience financial problems in 2012 The general economic downturn forced central government spending to be reviewed Subsequently, the allocation of funding for the Company from the local government was reduced, despite a rise in children seeking residential care
The Company had an inspection from its regulatory body (“Ofsted”), in October 2012 which would further hinder the Company's financial situation Following the Ofsted inspection, new regulations were introduced on the Company which would subsequently restrict the ability to engage clients Ofsted were informed that this could cause significant financial implications for the Company but no flexibility was given
Administrators' statement of proposals (2013-05-09) · Companies House register