24-7 NAT Security Limited (07344898): administration
- Status
- Administration ended
- Administration began
- 2015-05-14
- Administrators
- Lee Van Lockwood, Andrew Graham Mackenzie
- Administrators' firm
- Begbies Traynor
- Formerly
- T-Blow UK Ltd
- Incorporated
- 2010-08-13
- Location
- Leeds
- Industry
- 74990 Non-trading company
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated on 13 August 2010 and was dormant until the purchase of twenty leasehold properties in Seacroft, Leeds, in and around November 2014 Funding was obtained via a bndging finance facility provided by TFG Security Limited ("TFG") together with a deferred consideration element due to the previous owner Five of the aforernentioned twenty leasehold properties were subsequently refinanced with Shawbrook Bank Limited (“Shawbrook’) in February 2015
As a result of difficulties with non paying tenants and upkeep costs, the Company began experiencing cash flow problems and was unable to service the interest on its debt to TFG thus resulting in a breach of tts loan agreement In addition, the Company was also unable to repay capital sums due under the TFG agreement and attempts to refinance failed
On 1 May 2015, TFG made formal demand for repayment of the facilities as a result of the breaches of tts loan agreement The Company failed to satisfy the demand which resulted in TFG taking steps to appoint administrators pursuant to paragraph 14 of Schedule B1 to the Insolvency Act 1986 Andrew Mackenzie and Lee Lockwood were subsequently appointed as joint administrators on 14 May 2015
Administrators' statement of proposals (2015-07-15) · Companies House register