Invest Maintain Limited (07094649): administration
- Status
- Administration ended
- Administration began
- 2013-08-02
- Administrators
- Conrad Alan Beighton, Paul David Masters
- Administrators' firm
- Leonard Curtis
- Formerly
- PAD Maintenance Contracting Limited
- Incorporated
- 2009-12-03
- Location
- Birmingham
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
Following its Inception, the Company began completing small maintenance jobs for a variety of clients It expenenced significant growth in 2011, with turnover at that tme increasing to approximately £100k per month, the majonty of which was with a single customer, Touchstone Corporate Property Services (‘Touchstone’}
This increase in the Company's tumover also meant an increase in its ovetheads, including additional staff and vehicles — both of which put pressure on tha Comipany’s cash flow. To manage this, in February 2012, the Company entered Into an invoice factoring agreement with Aldermore Invoice Finance (‘Aldermare’)
Unfortunately, Touchstone were sldw in settling invoicés, which caused the Company significant cash flow pressures This slow payment was exacerbated by the existence of the factonng agreement which effecvely reduced the Company abllity to draw down funds whilst the Tuouchstone debt remained unpaid
Administrators' statement of proposals (2014-02-10) · Companies House register