HW RLS Limited (06597713): administration
- Status
- Administration ended
- Administration began
- 2022-10-14
- Administrators
- Michael John Gillard
- Administrators' firm
- Accountants G A Harris & Co
- Formerly
- Heywoods (1881) Limited; Percy Verence Limited
- Incorporated
- 2008-05-20
- Location
- Crewe
- Industry
- 68310 Real estate agencies
Why it went into administration
- HMRC / tax arrears
- Rising costs / inflation
- Cash flow / liquidity pressure
- Property / lease costs
- Rising interest rates
From the administrators' statement
Creditors should note that, unless otherwise stated, this section of my proposals has been prepared based on information provided to me by the directors of the Company and not from my personal knowledge as Administrator.
The Company began to trade after purchasing the business and assets from Heywoods Estate Agents and Surveyors Limited which went into administration in November 2008. The sole director of the Company was Christopher Stops. Very suddenly and sadly in early May 2020 Christopher Stops was diagnosed with late-stage pancreatic cancer and passed away in June 2020. At this stage Christopher Stops wife, Janine Stops took over as the sole director. At this time most staff were furloughed with just 3 remaining to continue the lettings book.
On becoming director, Janine Stops became aware that the Company was involved with an employee benefit trust scheme for approximately ten years, this scheme was under investigation by HM Revenue & Customs (“HMRC”). At this time the new director moved accountants and obtained advice as the most appropriate resolution of the scheme. Specialist advice was sought and a settlement with HMRC was negotiated, the settlement amount was £980,573. The settlement agreement was signed by the director in September 2020 with repayment terms over a 12-year period. The initial payment of £100,000 was due in October 2020, followed by 2 payments of £12,500 and a payment of £6,192. With a further 140 monthly payments of £6,067.
Administrators' statement of proposals (2022-10-31) · Companies House register