Securus Systems Holdings Limited (08161728): administration
- Status
- Administration ended
- Administration began
- 2016-11-30
- Administrators
- Andrew Johnson, Chad Griffin
- Administrators' firm
- FTI Consulting
- Formerly
- Ensco 945 Limited
- Incorporated
- 2012-07-30
- Location
- London
- Industry
- 70100 Activities of head offices
Why it went into administration
- Funding withdrawn / unable to refinance
- Over-expansion / investment not recovered
From the administrators' statement
31 Securus Security Systems Group Limited (SSSGL) 1s the previous name of LEN (see 4 17 below), and was the immediate holding company for the operating subsidiaries, which together form the Securus group (the “Group”), whose principal activity Is as a provider of electric life safety and security products and services The group structure was the result of a buy and build growth strategy, with SSSGL acting as acquirer
32 The buy and build strategy was led by the Group’s former CEO Stuart Glover, and backed by Infinity Asset Management LLP (“Infinity”) Debt funding was provided to LEN under a £20m Senior Term Facility (“Term Loan”) and £5m Super Senior Revolving Facilities Agreement (“SSRCF”) provided by Muzinich and National Westminster Bank plc respectively, originally dated 11 February 2016 (together, the Facilities)
4 FTI Consutting, LLP CRITICAL THINKING AT THE CRITICAL TIME™
Administrators' statement of proposals (2017-01-04) · Companies House register