# Scaffteq West Ltd (08225275)

> Why UK company 08225275 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/08225275

- **Status:** Administration ended
- **Administration began:** 2024-02-16
- **Administrators:** Matthew Whitchurch, David Paul Hudson
- **Administrators' firm:** FRP Advisory
- **Incorporated:** 2012-09-24
- **Location:** London
- **Industry:** 41202 Construction of domestic buildings

## Why it went into administration

- HMRC / tax arrears
- Funding withdrawn / unable to refinance
- COVID-19
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Energy costs
- Property / lease costs
- Rising interest rates

## From the administrators' statement

The Company was incorporated on 24 September 2012 and was purchased by the Directors in March 2019 for approx. £3m via SRS 2 Limited, a SPV incorporated by the Directors in March 2019, for the purposes of the transaction. As at the date of appointment, SRS 2 Limited was the sole shareholder of the Company, which in turn is owned by the Directors.

The acquisition was initially funded by a finance provider, and subsequently refinanced by TP in January 2020 by way of a loan totalling £3m to SRS 2 Ltd whereby TP was granted a debenture against SRS 2 Limited which is guaranteed by the Company, being the trading entity. The initial drawdown of £2.2m was utilised to refinance the acquisition costs, with the balance deferred over three years and subject to certain milestones being achieved and was intended to be used to support the Company’s cashflow.

TP’s security was registered at Companies House, for both companies, on 31 January 2020. In March 2021, TP refinanced its original loan into a CBILS via another related entity, Lendnet (further details below).

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/08225275/filing-history/MzQxODA3NjA2OWFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/08225275

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.