Hygequip Europe Limited (05812429): administration
- Status
- Administration ended
- Administration began
- 2013-01-18
- Administrators
- Simon Harris, Cameron Gunn, Mark Supperstone
- Administrators' firm
- ReSolve
- Incorporated
- 2006-05-10
- Location
- London
- Industry
- 20200 Manufacture of pesticides and other agrochemical products
Why it went into administration
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
A background of the Company was provided in my Statement of Insolvency Practice 16 report (SIP16), a copy of which is attached at Appendix | A summary of the background Is as fotlows
The Company was incorporated in 10 May 2006 with the purpose of distributing pest control supplies such as insect and rodent traps and hygiene products such as hand dryers, air fresheners and bins throughout the United Kingdom and Europe
The Company entered an agreement with National Westminster Bank plc (Natwest) who provided lending facilities in January 2007 In addition, RBS Invoice Finance Limited (RBS) provided the Company with invoice financing from March 2007 In March 2012 Aldermore Bank plc refinanced RBS and provided invoice financing to the Company resulting in the satisfaction of RBS's fixed and floating charge
Administrators' statement of proposals (2013-03-13) · Companies House register