Old Ford Lock River Services Limited (08011323): administration
- Status
- Administration ended
- Administration began
- 2012-09-17
- Administrators' firm
- Macarthur Lloyd Associates
- Incorporated
- 2012-03-29
- Location
- London
Why it went into administration
- Regulatory change or action
- Competition / price pressure
From the administrators' statement
Water Chariots Limited (Now River Subco Limited)
A business known as Water Chariots Limited was incorporated on 3 September 2010 by Peter Coleman and Denise Blackbourn as directors. Peter Coleman was the sole shareholder The Company was formed to provide a boat service to and from the Olympic Park The directors had previously tendered for and were awarded a contract with the Canals and Rivers Trust (formerly British Waterways Board) and the Olympic Delivery Authority to provide a water bus service from Limehouse Basin and Tottenham Hale to the Olympic Park.
Ms Blackbourn and Mr Coleman partially funded the Company, through personal investment with some of the balance of funding coming from advance ticket sales. This funding was used to defray mmter alia wages and drawings, the purchase and modification of a new broadbeam barge (Chloe Jean) and the initial procurement costs of a programme of further barge purchases The Company's funding was completed by a loan from Mr Ian Sykes of c.£260,000, this contribution being used to substantially fund the procurement of 6 smaller (Bulktt) vessels that had been sourced from the Netherlands
Administrators' statement of proposals (2012-11-08) · Companies House register