4U Limited (05956865): administration
- Status
- Administration ended
- Administration began
- 2014-09-15
- Administrators
- Robert John Moran, Robert Jonathan Hunt, Ian David Green
- Administrators' firm
- PwC
- Formerly
- Greenstack 3 Limited
- Incorporated
- 2006-10-05
- Location
- Leeds
- Industry
- 47421 Retail sale of mobile telephones
Why it went into administration
- Loss of a key customer, supplier or contract
From the administrators' statement
Following the expiry of the O2 contract in January 2014, P4U had two ongoing network agreements with Vodafone and EE. On 6 August 2014, Vodafone gave notice of their intention not to renew their existing network deal This meant that P4U would have been entirely reliant on EE for 1ts network connections (with the exception of Life Mobile) and therefore would have breached certain terms of the current EE agreement On 12 September 2014, EE similarly gave notice that they did not mtend to renew their current network agreement
Without network support, restructuring the business was not viable The Group was about to enter a working capital cycle with significant outgoings on trade payables and stock mventones, and there was an increased and considerable likelihood that eventually the Group would run out of cash
Faced with the almost inevitable insolvency of the Group, the directors concluded that they had no choice but to appoint administrators. Consequently, on 15 September 2014 we were appointed joint administrators of the Group with the exception of PAS and Phosphorus Holdco plc, for which our appointments followed on 16 September 2014 and 8 October 2014 respectively.
Administrators' statement of proposals (2014-11-13) · Companies House register