Payroll Workshop Limited (08616634): administration
- Status
- Administration ended
- Administration began
- 2015-08-13
- Administrators' firm
- MHA
- Incorporated
- 2013-07-19
- Location
- London
- Industry
- 69201 Accounting and auditing activities
Why it went into administration
- Loss of a key customer, supplier or contract
- HMRC / tax arrears
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 19 July 2013 with a view to providing umbrella payroll services to the medical, security and construction industries Prior to its inception trade had taken place under a number of different umbrella companies with common ownership and the purpose of the Company was to integrate all of these into one main business
As umbrella companies are effectively self-financing there was no initial requirement for funding and therefore the only funding on start up was that of share capital The Company began trading on 6 April 2014 to coincide with the beginning of the fiscal year During the first six months of trade it became evident that substantial investment would be required to update the Company's computer systems to the latest software packages available for the industry Director Mark Sandells introduced £200,000 from his own personal funds as a Director’s Loan to meet this cost
The Company initially traded from Andrew James House, Bridge Road, Ashford, Kent, TN23 1BB and employed 8 members of staff Geographically its trade was unrestricted as trade was Carried out via e-commerce The bulk of the Company’s trade was carried out with 5 key clients and between 40 to 50 smaller clients who processed payroll through the Company for between 1 and 5 employees These were not considered major clients The average size of each contract was determined by the number of employees utilised but the Company’s major clients could generate sums of between £750 and £1,000 per week per employee,
Administrators' statement of proposals (2015-10-13) · Companies House register