WRB Solutions Limited (08200290): administration
- Status
- Administration ended
- Administration began
- 2022-03-09
- Administrators
- Gareth Prince, Mark Malone
- Administrators' firm
- Begbies Traynor
- Formerly
- WRB Vehicles Limited
- Incorporated
- 2012-09-04
- Location
- Birmingham
- Industry
- 61900 Other telecommunications activities
Why it went into administration
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Credit insurance / supplier credit withdrawn
From the administrators' statement
The Company was incorporated in September 2012, originally under the name WRB Vehicles Ltd before changing its name to WRB Solutions Limited in 2014. The initial purpose of the Company was to trade as a hire company however this did not happen and the Company remained dormant for several years. The director of the Company is also the sole shareholder.
The opportunity arose to take over a contract working with a Tier 1 company that carried out work on behalf of BT Openreach. In September 2015, the director, who has experience of the network and the requirements of the contract and was already working for a company that did similar work, decided to take on the contract. The contract involved working for the Tier 1 company in the Midlands and Wales area carrying out maintenance, repair and provision work on telegraph poles and the overhead telecoms network.
The initial funding came from the Tier 1 company which assisted with an upfront payment on account that was then offset once the Company started to generate turnover and it then reverted to more hormal payment terms of 21 days. The Company had a base in the Midlands and in Deeside which served as service yards and offices for each area of the contract. These premises were rented on a rolling monthly arrangement.
Administrators' statement of proposals (2022-03-18) · Companies House register