Alexander Maguire Limited (06942174): administration
- Status
- Administration ended
- Administration began
- 2011-10-27
- Administrators
- Anthony R Fanshawe, Francis Gavin Savage
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2009-06-23
- Location
- Southampton
- Industry
- 7450
Why it went into administration
- HMRC / tax arrears
- Loss of a key customer, supplier or contract
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Sustained trading losses
- Competition / price pressure
- Weather / natural events
From the administrators' statement
Alexander Maguire Limited (‘the Company’) was incorporated in June 2009 and has always traded as a recrutment agency The Company acquired the business and assets of Staffwse Nationwide Limited and Revive Natonwide Limited on 28 January 2011, thereby significantly increasing the Company’s business acbvity
Initially the Company's working capital funding was provided by Centric Commercial Finance Limited (‘Centnc”) However the Company lost some significant customers after the business acquisition, notably Bodyshop, which was expected, and Kates Cakes, which was not, and there was a slower than expected take up of staff from existing and new customers By the middle of Apnl cash was already tight despite a promising growth in sales of 24% over February, March and the first three weeks of Apnl, and the Company was unable to pay its first VAT liability in full (anticipated shortfall £150,000) within tts Centne facility
By the end of Apn! 2011 it was apparent that Centnc was unable to provide the level of funding required by the Company and it accepted an increased facility offered by Pulse Cashflow Finance Limited (“Pulse”) in May 2011 Pulse was prepared to grant the Company the necessary level of funding to meet the VAT liability due to be paid It was then expected that by June 2011 the percentage of debtors to be funded would have fallen to 80%
Administrators' statement of proposals (2011-12-21) · Companies House register