CSG Asset Management Ltd (07009471): administration
- Status
- Administration ended
- Administration began
- 2016-05-20
- Administrators' firm
- Kroll
- Formerly
- Nexus Vendor Solutions Limited
- Incorporated
- 2009-09-04
- Location
- London
- Industry
- 70229 Management consultancy activities other than financial management
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 4 September 2009 Trading subsequently commenced in 2010 and the Company principally operated as an intermediary asset finance broker providing traditional leased equipment (1e photocopiers and franking machines) finance solutions for clients The value of the brokered deals typically ranged from £50,000 to £1,000,000
The Company employs eight members of staff and operates from a leasehold premises located at Bayheath House, 4 Fairway, Petts Wood, Kent, BR5 1EG_ The premises lease Is held by an associated company, Capital Solutions Limited, therefore the Company's occupation is on an informal basis
As a result of widespread changes affecting the industry, the Company’s strategy was to diversify and to target suppliers of renewable technologies to gain introductions to their customers, so that CSG AM could sell its customer financing products In addition, relationships were built with various businesses requiring more general business finance but who could not source these funds from traditional lenders Finally, CSG AM built a network of specialist lenders who they could approach with their customers Primary revenues for CSG AM would result from customer fees and from lenders for arranging finance for customers
Administrators' statement of proposals (2016-06-17) · Companies House register