Training and Education Group Ltd (07850344): administration
- Status
- Administration ended
- Administration began
- 2020-07-02
- Administrators
- Anthony Collier, Ben Woolrych
- Administrators' firm
- FRP Advisory
- Formerly
- Progress To Excellence Group Limited; Shellco 125 Limited
- Incorporated
- 2011-11-16
- Location
- Manchester
- Industry
- 70100 Activities of head offices
Why it went into administration
- Funding withdrawn / unable to refinance
- Sustained trading losses
- Parent or group failure
- Weather / natural events
From the administrators' statement
The Group had been acquisitive over recent years as part of a broader long-term strategy to increase scale and diversify the business to mitigate a dependency on central Government funding. This led to challenges such as fully integrating the acquisitions into the Group and funding legacy acquisition debt.
The Group underwent a restructure during 2019 and early 2020 to address these challenges and underperformance within the business; with a new Management team put in place and the Administration of another company within the wider Group.
Recent financials are summarised as follows:
Administrators' statement of proposals (2020-07-23) · Companies House register