Elliott Thomas Group Limited (08457498): administration
- Status
- Administration ended
- Administration began
- 2016-10-27
- Incorporated
- 2013-03-22
- Location
- London
- Industry
- 70100 Activities of head offices
Why it went into administration
- Parent or group failure
- Weather / natural events
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
The Group had been experiencing financial difficulties as far back as March 2016 when they were aware of some potential cash flow issues, given expected losses In the construction business.
One option that was considered was a solvent winding down of the “Prime” business that focused on construction (which sat within the subsidianes of the Group) However, tt appeared that a project worth circa £25m may be secured and accordingly management decided to explore this opportunity, whilst progressing the portfolio of sites
However, by June 2016, it was apparent that the new £25m contract had not been secured and there appeared to be payment issues on four large construction contracts Consideration was also given, at this stage, to selling one or more divisions, as solvent business sales and, accordingly, my corporate finance colleagues were introduced to the Group
Administrators' statement of proposals (2016-11-16) · Companies House register