# Synergy (Asset Holdings) Ltd (07181691)

> Why UK company 07181691 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/07181691

- **Status:** Administration ended
- **Administration began:** 2017-07-11
- **Administrators:** Tony Mitchell
- **Administrators' firm:** Cranfield Business Recovery
- **Incorporated:** 2010-03-08
- **Location:** Coventry
- **Industry:** 70100 Activities of head offices

## From the administrators' statement

Following initial conversations between Aldermore Bank PLC (“Aldermore”) and Cranfield Business Recovery Limited (“Cranfield”), meetings were held with Mr Mullen to discuss the financial affairs of both Synergy and a connected company, IN4 Ltd (“IN4”). For completeness, Aldermore provided an invoice financing facility to IN4.

On 15 May 2017 Mr Mullen instructed Cranfield to undertake an independent business review (IBR”) in respect of both companies and advise on the options available to him as the sole director. During the IBR process Mr Mullen provided an explanation as to the affairs of both companies as well as details of what he considered to be the contributing factors to their current financial positions. Mr Mullen has stated that Synergy was incorporated as an asset holding company with the view of acquiring the assets from other companies within the tyre industry, including the second hand tyre market. IN4 would acquire the customer databases and businesses of those companies, paying a monthly rental to Synergy for the use of its assets. I was informed that since 2010, Synergy had acquired the assets of eight such companies. The companies were then dissolved and the customer databases were utilised by IN4 to provide a continuation of trade under a number of trading styles.

In the interests of not prejudicing the Joint Administrators’ investigations in respect of the financial affairs and transactions of both IN4 and Synergy, I have not provided a detailed background as regards the aforementioned contributing factors to both companies’ current financial positions. I would however inform creditors that such factors had resulted in IN4 ceasing to trade several months prior to my appointment and the ownership of assets held by Synergy was, and continues to be, contested. Mr Mullen only had access to certain assets believed to be owned by Synergy and was being refused access to other premises where additional assets are/were located.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/07181691/filing-history/MzE4NTE1NTIxNWFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/07181691

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.