Proteam Maintenance Limited (05979412): administration
- Status
- Administration ended
- Administration began
- 2013-08-12
- Administrators' firm
- Leonard Curtis
- Formerly
- Hyprobe Limited
- Incorporated
- 2006-10-26
- Location
- London
- Industry
- 43999 Other specialised construction activities n.e.c.
Why it went into administration
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Loss of a key customer, supplier or contract
From the administrators' statement
The Company commenced trading on 1 November 2009 having purchased the assets and goodwill of Proteam Utilities Limited from tts Joint Administrators Its main activites were property maintenance and the provision of drainage services to major local authonty contractors, primarily within the London area
The Company's financial accounts for the year to 31 March 2012 show tumover of £2,142,156 with a gross profit of £765,518 and a pre-tax profit of £49,323 Although the Company has been profitable, it has suffered chronic late payment problems as have many other similar businesses in the sector
In order to assist working capital the Company entered into an invoice finance facility with Factor 21 plc (‘Factor 21”) in August 2012 This facility is secured by an all asset debenture dated 9 August 2012
Administrators' statement of proposals (2013-09-11) · Companies House register