In4 Ltd (07874069): administration
- Status
- Administration ended
- Administration began
- 2017-07-11
- Administrators
- Tony Mitchell
- Administrators' firm
- Cranfield Business Recovery
- Incorporated
- 2011-12-07
- Location
- Coventry
- Industry
- 82990 Other business support service activities n.e.c.
From the administrators' statement
Following initial conversations between Aldermore Bank PLC (“Aldermore”) and Cranfield Business Recovery Limited (“Cranfield”), meetings were held with Mr Mullen to discuss the financial affairs of both IN4 and a connected company, Synergy (Asset Holdings) Ltd (“Synergy”). On 15 May 2017 Mr Mullen instructed Cranfield to undertake an independent business review (IBR”) in respect of both companies and advise on the options available to him as the sole director. During the IBR process Mr Mullen provided an explanation as to the affairs of both companies as well as details of what he considered to be the contributing factors to their current financial positions.
Mr Mullen has stated that Synergy was incorporated as an asset holding company with the view of acquiring the assets from other companies within the tyre industry, including the second hand tyre market. IN4 would acquire the customer databases and businesses of those companies, paying a monthly rental to Synergy for the use of its assets. I was informed that since 2010, Synergy had acquired the assets of eight companies. The companies were then dissolved and the customer databases were utilised by IN4 to provide a continuation of trade under a number of trading styles.
In the interests of not prejudicing the Joint Administrators’ investigations in respect of the financial affairs and transactions of both IN4 and Synergy, I have not provided a detailed background as regards the aforementioned contributing factors to both companies’ current financial positions. I would however inform creditors that such factors had resulted in IN4 ceasing to trade several months prior to my appointment and the ownership of assets held by Synergy was, and continues to be, contested.
Administrators' statement of proposals (2017-09-12) · Companies House register