# Foster Mackay Limited (07595709)

> Why UK company 07595709 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/07595709

- **Status:** Administration ended
- **Administration began:** 2016-11-28
- **Incorporated:** 2011-04-07
- **Location:** Sutton
- **Industry:** 69102 Solicitors

## Why it went into administration

- HMRC / tax arrears
- Creditor pressure / legal action
- Weak consumer demand
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Management failings / irregularities
- Regulatory change or action

## From the administrators' statement

The Company was incorporated on 7* April 2011 to take over a solicitor’s practice called Fosters Solicitors that the director, Edward Foster, had established from an office in Herne Bay, Kent, in September 2002 At the time of incorporation, the firm traded from 8 offices and employed circa 70 staff

The Company traded profitably for a number of years Approximately two thirds of the Company's business was based in residential conveyancing The Company had a contract with retirement house builders McCarthy & Stone which provided a regular income stream of around £200,000 per year in fees

In November, 2013 the Company acquired the business of John Morley & Co Solicitors, which had 3 offices in North Kent and employed around 45 staff Due to unforeseen difficulties (the existence of a number of undisclosed debts and substantial settlements of a number of employment cases) the acquisition of John Morley & Co ended up costing the Company approximately £180,000 This was not anticipated when the transaction was agreed

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/07595709/filing-history/MzE2NDY5NjQ4MmFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/07595709

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