The Rigging House Ltd (07786032): administration
- Status
- Administration ended
- Administration began
- 2016-11-22
- Administrators
- Colin Peter Dempster, Samuel James Woodward
- Administrators' firm
- EY
- Formerly
- C.D.C. Global Ltd
- Incorporated
- 2011-09-26
- Location
- Manchester
- Industry
- 77320 Renting and leasing of construction and civil engineering machinery and equipment
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
Following a further downturn in trading in 2016, the Group breached Its covenants In September 2016 tn relation to its secured borrowings and expenenced significant cash flow pressure
To reduce debt, Management solicited offers for the Group’s Access division in Summer 2016 A number of offers from trade buyers were received, but no agreement for sale was reached
On 21 September 2016, with the Group in breach of tts covenants and unable to meet its payments to CAM, EY were engaged by the Group’s ABL lenders to analyse the Group’s short term cash flow on a rolling basis, evaluate initial options for the lenders, and appraise and comment on the Group’s business plan
Administrators' statement of proposals (2017-01-18) · Companies House register