Partner Logistics Management UK Limited (06423973): administration
- Status
- Administration ended
- Administration began
- 2012-07-16
- Administrators' firm
- PwC
- Formerly
- MM&S (5307) Limited
- Incorporated
- 2007-11-12
- Location
- Leeds
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Property / lease costs
- Sustained trading losses
- Parent or group failure
- Competition / price pressure
From the administrators' statement
The Parents entered into an imitial insolvency process in Holland on 30 May 2012 and were declared bankrupt on 21 June 2012 The Group is currently in the process of being broken up, with the lender investors taking control of the more asset rich/ profitable parts of the Group Due to the Companies being loss making, all financial support ceased on 21 June 2012 In addition, the insolvency process of the Parents meant many customers diverted their business to competitors of the Companies, compounding further the issue of falling turnover and an inability to meet habilities as they fell due
The director of the Companies was forced to consider the Companies’ future and took advice, concluding that the Companies needed to be placed into an insolvency process, most likely a liquidation in the absence of any Group support or secured lending facility, or without the support of the landlord
The landlord of the Coleshill Property is Ropemaker Properties Limited (“Ropemaker”), a subsidiary of the British Petroleum Pension Scheme The Property 1s subject to a 999 year lease, but 1s sublet to PLMUK with rent re-charged by PLMUK to the trading company PLHH The Property had been specially modified to fulfil its purpose as a cold storage facility and maintaining a constant electricity supply to the Property was essential, as any disruption or disconnection of the electricity supply would create a sigmificant msk that the Property could expand and be reparably damaged Ropemaker became concerned that any hquidation may have led to a disconnection of the electricity supply and therefore discussed with PWC who were reviewing the position and considenng the potential options for the Companies
Administrators' statement of proposals (2012-09-10) · Companies House register