P & H Care Limited (06828518): administration
- Status
- Administration ended
- Administration began
- 2019-02-06
- Administrators
- Annette Reeve
- Administrators' firm
- Beesley Corporate Recovery
- Incorporated
- 2009-02-24
- Location
- Handforth
- Industry
- 86900 Other human health activities
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
Soon after starting as Consultant Radiologist for the NHS in Wigan, the Director, Dr Paul Wheeler, soon realised that he wanted an additional business venture. As the Director’s wife used to be a nurse it seemed to make perfect sense for that business venture to be a care home, a doctor and nurse team.
The Directors, at that time, spent a year or two looking for a suitable care home, running up large legal and accountancy bills with a couple of failed purchases. Around this time, the Directors incorporated P & H Care Limited.
The Directors found a closed down care home in Atherton, 24 bed unit, in a state of disrepair. They bought this for circa £250k, a boarded-up building in desperate need of modernisation to provide adequate care for residents. The Co-op bank provided a loan, but with the amount of investment required, the Directors needed more money. The Directors borrowed on personal loans and credit cards to help fund this. They continue today with nearly £100k of personal credit card debt. The Company needed more investment still and one of the Director’s parents very kindly introduced money by mortgaging their home and a rental apartment they owned. These mortgages continue and the Director personally pays this each month, This borrowed money was also introduced into the Company. A family friend also introduced £50k and this was repaid around 18 months ago from the Director personally.
Administrators' statement of proposals (2019-02-28) · Companies House register