BDI NW Limited (07786075): administration
- Status
- Administration ended
- Administration began
- 2014-09-02
- Administrators
- Paul Andrew Flint, Brian Green
- Administrators' firm
- KPMG
- Incorporated
- 2011-09-26
- Location
- Manchester
- Industry
- 80100 Private security activities
Why it went into administration
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- Competition / price pressure
From the administrators' statement
It Is understood that when Aldermore replaced the previous funder, Handelsbanken, it was at a time where, tn the working caprtal cycle of the Business, cash was at its tightest This 1s primarily due to the necessity to meet higher than normal payroll commitments due to the requirement to cover overtime in the holiday season The Initial drawdown against the sales ledger at take on was sufficient to discharge the overdrawn position with Handelsbanken, it however offered little in the way of surplus cash to fund the working capital requirement within the Business
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khang! As a result of this breach in covenant and concerns over the going concern nature of the Business, Aldermore approached KPMG to provide analysis on the short term wiability of the Business KPMG were subsequently engaged on 4 June 2014 to provide the Business with an opinion on the short term cash flow forecast This was to include discussions with the Business and its advisors, as required, and challenge Management's rationale in respect of its day to day critical payments This also included requests on its funder to provide over payments on the facility in order to facilitate ongoing trade whilst the situation with regard to the Business was appraised
Administrators' statement of proposals (2014-10-10) · Companies House register