Young Futures CIC (05962550): administration
- Status
- Administration ended
- Administration began
- 2024-02-05
- Administrators
- Philip Lewis Armstrong, Philip James Watkins
- Administrators' firm
- FRP Advisory
- Incorporated
- 2006-10-10
- Location
- London
- Industry
- 88990 Other social work activities without accommodation n.e.c.
Why it went into administration
- Rising costs / inflation
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Property / lease costs
- Rising interest rates
From the administrators' statement
The Company was incorporated on 10 October 2006 as a ‘Community Interest Company’ and began trading on the same date. The Company trades from Yvonne House, 378, 380 & 382 Wandsworth Road, Lambeth, London, SW8 4TE which is held on a leasehold basis with approximately 20 years remaining.
The principal objective of the Company was to provide long term housing at Yvonne House, 24-hour support and therapy to children under the age of 16 who have recently left care. The Company would provide specialist support to the young children which would provide them with the financial and social know how for the young children to be able to live an independent future.
Following the children’s stay at Yvonne House and as they approached adulthood, the Company provided the children with their own, independent housing within the community for the children to be able to build their own life beyond the support and protection offered at Yvonne House.
Administrators' statement of proposals (2024-02-13) · Companies House register