Platinum Property Partners Limited (07188735): administration
- Status
- Administration ended
- Administration began
- 2023-02-15
- Administrators' firm
- Antony Batty
- Formerly
- Platinum Franchise Services Limited
- Incorporated
- 2010-03-15
- Location
- London
- Industry
- 85590 Other education n.e.c.
Why it went into administration
- HMRC / tax arrears
- Property / lease costs
From the administrators' statement
We were introduced to the Company, on behalf of Antony Batty & Company LLP (“ABc”) by Mr B Gould, a franchise partner on 1 December 2022 to assess the Company’s financial position and potential solutions such as considering Company Voluntary Arrangements (“CVA”) proposals with the Board, following the Administration of CHX.Life. Following discussion and on a review of the Company’s customer base, the Board decided that a CVA would lead to a significant erosion of the current franchise partners and new sales would be negatively impacted and would not be regular. Accordingly, a Company Voluntary Arrangement (“CVA”) was considered to be an unsuitable process in that the Board considered that they would not be able to achieve an appropriate monthly (or agreed period) surplus to meet the requirements of a CVA.
We also considered whether using the Moratorium procedure would be appropriate. It is a pre-requisite for using the Moratorium procedure that a company can be rescued as a going concern or would be able to do so if it were not for any worsening of the financial position of the company. We concluded that it is not possible to rescue the Company as a going concern because of the substantial amount owed to the Company by the majority shareholder, the uncertainty relating to the majority shareholder’s own Administration process and the requirement for a capital injection to allow for marketing and growth.
We also considered the appropriateness of both compulsory and creditors’ voluntary liquidation and due to the interest expressed by certain franchise partners in the business as a going concern, we considered that any liquidation would lead to a significant erosion of the values in the Company’s goodwill and customer base.
Administrators' statement of proposals (2023-03-27) · Companies House register