TTR PT Limited (05815801): administration
- Status
- In administration
- Administration began
- 2022-11-17
- Administrators
- Andrew James Pear, Milan Vuceljic
- Administrators' firm
- Moorfields
- Formerly
- Silbury 323 Limited
- Incorporated
- 2006-05-12
- Location
- London
- Industry
- 85320 Technical and vocational secondary education
From the administrators' statement
My colleague, Simon Thomas, was engaged on 5 August 2022 to undertake a strategic options analysis on behalf of the Company’s parent, R2W. Subsequent to this options analysis, the directors of the Company instructed Moorfields to carry out a review of the Company’s short term cash flow forecast on 7 October 2022. As a result of this review, the directors engaged Moorfields on 14 October 2022 to conduct an AMA process and provide contingency planning services.
The AMA process was launched on 17 October 2022 and a teaser circulated to 130 parties including 16 companies operating in the education/training sector and 114 private equity investors. In addition, the acquisition opportunity was advertised on |PBid.com and details provided to a further 23 parties who expressed an interest in the acquisition opportunity. Non-disclosure Agreements were returned by 17 parties who were subsequently provided with access to a virtual data room containing company information. Indicative offers were invited to be received by 26 October 2022 and during this time we held discussions with interested parties and fielded queries in relation to the acquisition opportunity. Following the deadline for indicative offers, two offers were received both of which were from trade buyers active in the health and fitness market. Both parties were invited to submit best and final offers by 4 November 2022.
After reviewing the offers received in conjunction with the directors and the secured creditor, a preferred bidder was selected and negotiations commenced with a view to concluding a sale of the business and assets of the Company. After carrying out their due diligence, the preferred bidder retracted their offer and pulled out of the sale process. We therefore followed up with the under bidder and following discussions were unable to agree on a suitable sale mechanism that would deliver the best outcome for creditors as a whole and continue to provide the students with ongoing training. In view of the Company's deteriorating cash position and with no prospect of further funding from the parent, the directors resolved to appoint, Andrew Pear and Milan Vuceljic of Moorfields as Joint Administrators of the Company on 17 November 2022.
Administrators' statement of proposals (2023-01-18) · Companies House register