Techhub Europe Ltd (07054279): administration
- Status
- Administration ended
- Administration began
- 2020-07-31
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2009-10-22
- Location
- Manchester
- Industry
- 68202 Letting and operating of conference and exhibition centres
Why it went into administration
- COVID-19
- Property / lease costs
From the administrators' statement
With over 75% of our revenues ceasing due to customers leaving the company because of Covid and the government's lockdown restrictions, the company’s liabilities exceeded its revenues. A plan was put in place agreed by the directors, lenders and advisors for a standalone CVA to clear the company’s historic debts (outside of the debenture held by the lenders Float Capital), and that also requested discounts from the company’s landlords in its two properties going forward for a recovery period. Attempts were made to negotiate this with the company’s landlords, with a view to negotiating same with LB Islington on the business rates liabilities. One landlord (Lion Portfolio, represented by Capreon asset managers) were open to the deal (with improvements as they requested) and would take it if the other landlord (Intercontinental Exchange/ICE) also accepted the deal. ICE turned down the initial offer without explanation, and did not respond at all to the improved offer. The directors had no choice but to appoint administrators for the company.
Administrators' statement of proposals (2020-09-24) · Companies House register