BCQ Group Limited (06039730): administration
- Status
- Administration ended
- Administration began
- 2023-08-14
- Administrators
- Matthew James Cowlishaw, Paul James Meadows
- Administrators' firm
- Teneo
- Incorporated
- 2007-01-02
- Location
- Birmingham
- Industry
- 18129 Printing n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
- Property / lease costs
- COVID-19
- Competition / price pressure
From the administrators' statement
In order to drive recovery of the business, a cost-cutting strategy began to be implemented, the main strand of which being to consolidate operations from three of the leasehold sites into the main trading site with expected annualised cost savings of £0.7m. One site was consolidated into the main site in July 2023, and the other two planned for late August 2023.
However, on 18 July 2023, HSBC Invoice Finance (UK) Limited (“HIF”) commenced an audit of BCQ’s debtor book. Through this audit, HIF identified it was over-advanced (i.e. more funds had been drawn down against debtors than should have been available under the facility).
As a result, HIF immediately stopped further drawdowns and HSBC UK Bank Plc (“the Bank”) also stopped all payments pending gaining a further understanding of the position.
Administrators' statement of proposals (2023-08-29) · Companies House register