Allanfield Group PLC (07652397): administration
- Status
- Administration ended
- Administration began
- 2012-12-27
- Administrators' firm
- FRP Advisory
- Formerly
- Allanfield Group Limited; Rbnewco714 Limited
- Incorporated
- 2011-05-31
- Location
- London
- Industry
- 65120 Non-life insurance
Why it went into administration
- Management failings / irregularities
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was incorporated on 31 May 2011 and was an AIM listed non-trading holding company for real estate insurance broker companies.
The Company acquired the share capital of Allanfield Property Insurance Services Limited (“APIS”) and Real Estate Property Brokers Limited (‘REPB”) together with its subsidiary Industrial and Commercial Property Insurance Consultants Limited (“ICP”) in August 2011
The acquisition of REPB was conditional on Group's successful application for its shares to be traded on AIM. Admission to AIM was granted on 18 August 2011 and net listing proceeds of approximately £700k were raised from the placing of approximately 2 million new ordinary shares These proceeds were used to fund the costs of the integration of the subsidiary companies and to provide working capital.
Administrators' statement of proposals (2013-02-22) · Companies House register