Green North East Trading Bidco Limited (08772194): administration
- Status
- Administration ended
- Administration began
- 2016-11-10
- Administrators
- Jonathon P Sumpton, Joseph O'Connor
- Administrators' firm
- EY
- Incorporated
- 2013-11-12
- Location
- Leeds
- Industry
- 38210 Treatment and disposal of non-hazardous waste
Why it went into administration
- HMRC / tax arrears
- Sustained trading losses
- Competition / price pressure
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
GNET was formed in 2013 as part of a private equity backed management buy-out (“MBO”) of the Impetus Waste Management business
GNET operated with three main divisions
1 Landfill and composting — which operated two landfill sites in the Teesside area (Cowpen and Teesport) Income was generated from “gate fees”, with customers paying to landfill their waste,
Administrators' statement of proposals (2016-12-01) · Companies House register