IF Developments Limited (07066731): administration
- Status
- Administration ended
- Administration began
- 2014-02-14
- Administrators
- Simon Harris, Cameron Gunn, Mark Supperstone
- Administrators' firm
- ReSolve
- Incorporated
- 2009-11-04
- Location
- London
- Industry
- 43390 Other building completion and finishing
From the administrators' statement
The Company was incorporated in late 2009 and commenced trading in 2010 under the trading name ‘Build 4 Me’ The business was based in Kent and it operated in the residential construction industry, specialising in basement redevelopment for high net worth individuals
The Company traded profitably for its first two financial years generating an EBITDA of circa £100k per annum However, it encountered a cash flow issue in the 2014 financial year, in particular due to the nonpayment by an employer on a key contract This resulted in the Company not being paid and accruing arrears with trade suppliers
In order to bridge this gap the Company attempted to source third party investment or external finance When it became apparent that this was not a viable option and given its financial position, the Directors sought advice from ReSolve Partners LLP (ReSoive) regarding the Company's options
Administrators' statement of proposals (2014-04-07) · Companies House register