Secret Sales Ltd (05996763): administration
- Status
- Administration ended
- Administration began
- 2020-03-09
- Administrators
- Simon Robert Haskew, Paul David Wood
- Administrators' firm
- Begbies Traynor
- Formerly
- Noble Secret Ltd
- Incorporated
- 2006-11-13
- Location
- Bristol
- Industry
- 47910 Retail sale via mail order houses or via Internet
From the administrators' statement
The Company was incorporated as Noble Secret Limited on 13 November 2006 and changed its name to Secret Sales Limited on 15 February 2007. The Company is a wholly owned subsidiary of LRGL. Big Secret Investment Limited (“BSIL”) is the majority shareholder of LRGL. It should be noted that SCG, RKH, CAG and MATP are also directors of LRGL and that SCG and RKH are also directors of BSIL.
We were originally introduced to the Company by its accountants, Haziewoods LLP on 24 February 2020 and held our initial meeting with the Directors on 25 February 2020.
The Company had been operating at a loss for some time and had been supported by way of loans of circa. £8.29m from LRGL which was backed by secured cross guarantee obligations totalling some £5.25m from BSIL, Excalibur Silver Bidco Limited ("ESBL’), Kreos Capital V (UK) Limited (“KCV”) and Kreos Capital lv (UK) Limited ("KCIV’). It was apparent that continued trading without some form of restructure would not generate sufficient income to discharge the Company’s liabilities and the Directors considered it necessary to take advice concerning the insolvency options available to the Company. The Directors strongly believed that the Company had a viable business and that an administration was the best way forward to preserve this. A pre-packaged sale of the Company's business and assets was considered likely to produce a better outcome than would otherwise be achieved if the Company was allowed to cease trading and then be placed into liquidation. The independent appraisal of the value of the Company's assets supported this view (see further particulars at Appendix 4).
Administrators' statement of proposals (2020-06-16) · Companies House register