Contact Print Solutions Limited (05642302): administration
- Status
- Administration ended
- Administration began
- 2012-02-01
- Administrators
- Timothy James Heaselgrave
- Administrators' firm
- Greenfield Recovery
- Formerly
- Document Solutions East Midlands Limited; Big Heap Limited
- Incorporated
- 2005-12-01
- Location
- Warwick
- Industry
- 7487
Why it went into administration
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
The Company was formed in December 2005 under the name of Big Heap Limited and changed its name to Document Solutions East Midlands Limited In October 2009 it changed its name again to Contact Print Solutions Limited following the acquisition of that business from two partners nearing retirement for £115,000 The business bought and sold office equipment and rented equipment to end users with associated maintenance contracts.
The Company was financed by way of a factoring arrangement with RBS Invoice Finance Limited (“the bank“) entered into in September 2009 The bank has a fixed and floating charge over the assets of the Company and a fixed charge over the debtors of the Company under the terms of a factoring agreement
The business at the time of purchase required updating and developing as its market was shrinking rapidly due to a dwindling market for the majority of the machines it had on contract The customer base needed more modern equipment
Administrators' statement of proposals (2012-02-27) · Companies House register