Spafield Displays Limited (07479700): administration
- Status
- Administration ended
- Administration began
- 2020-03-13
- Administrators
- Neil Frank Vinnicombe, Simon Robert Haskew
- Administrators' firm
- Begbies Traynor
- Formerly
- CBJ Displays Ltd
- Incorporated
- 2010-12-30
- Location
- Bristol
- Industry
- 31090 Manufacture of other furniture
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
The Company was incorporated as CBJ Displays Limited on 30 December 2010 and changed its name to Spafield Displays Limited on 25 January 2011.
By a Share Purchase Agreement completed on 31 May 2019, Spafield Enterprises Ltd acquired the whole shareholding of Spafield Displays Ltd (“the Company”) from Caroline Belinda Jackson. Spafield Enterprises Ltd is controlled by John Linnell and he became a director of the Company on 31 May 2019 whilst Mrs Jackson and her co-director, Kevin McLeod, simultaneously resigned their directorships.
The consideration payable under the Share Purchase Agreement comprised a cash element on completion, and the balance deferred over the following 48 months in equal monthly instalments. The deferred element was secured by a debenture granted over the Company's assets but ranking in priority behind a debenture granted by the Company to Castle Business Finance Limited ("CBFL”) dated 28 May 2019 pursuant to a debt factoring agreement also concluded on 28 May 2019.
Administrators' statement of proposals (2020-05-18) · Companies House register