Mayridge Limited (06385428): administration
- Status
- Administration ended
- Administration began
- 2016-01-20
- Administrators
- Mark Jeremy Orton, Christopher Robert Pole
- Administrators' firm
- KPMG
- Formerly
- Mayridge Stand Build Limited
- Incorporated
- 2007-10-01
- Location
- Birmingham
- Industry
- 82301 Activities of exhibition and fair organisers
Why it went into administration
- Sustained trading losses
- Loss of a key customer, supplier or contract
- Competition / price pressure
From the administrators' statement
The Company was incorporated in 2007 and employed nine members of staff at the time of our appointment It specialised tn the installation and management of exhibition stands at various conferences across a number of countries The Company operated from leasehold premises at Wellesbourne House, Warwick
3.2. Funding and financial position of the Company
The Company was solely funded by its parent company MGL Lloyds holds debentures over both the Company and MGL’s assets, which create fixed and floating charges over their assets The Company has also provided inter-company guarantees to Lloyds At the time of our appointment, Lloyds were owed approximately £1 15m in relation to an overdraft facility, accrued interest and outstanding credit card balances
Administrators' statement of proposals (2016-03-23) · Companies House register