UK Exim Ltd (08144078): administration
- Status
- Administration ended
- Administration began
- 2018-09-10
- Administrators
- Paul Stanley, Paul W Barber
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2012-07-16
- Location
- Manchester
- Industry
- 46900 Non-specialised wholesale trade
Why it went into administration
- Rising interest rates
From the administrators' statement
UK Exim Limited was incorporated on 1 6" July 2012. The company raised funds from Assetz Capital Limited (‘Assetz’) to provide funding facilities to its clients.
The directors state that the company had performed well until June 2018 with a loan book of £6 Million. External funding was used to support the business. A £1 Million loan bullet repayment to Assetz could not be repaid on the due date (30" June) and penalty interest charges were levied adding further pressure on cashflow.
A sale of a major asset was delayed and the current lenders would not support the working capital requirements of the company. Discussions were held with the lenders and external funders.
Administrators' statement of proposals (2018-11-18) · Companies House register