New Radio Cars Limited (08790059): administration
- Status
- Administration ended
- Administration began
- 2017-04-10
- Administrators' firm
- Cowgill Holloway Business Recovery
- Incorporated
- 2013-11-26
- Location
- Bolton
- Industry
- 49320 Taxi operation
Why it went into administration
- Parent or group failure
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
From the administrators' statement
The Company was incorporated on 26 November 2013 in the name of New Radio Cars Limited and trades as a private hire taxi business operating the territory of Greater Manchester and surrounding areas. The Company has three directors, Mr Warren Fisher, Ms Christina Holt and Mr Kevin Reid, all
of whom took appointment on the day of incorporation and hold equal shares in the business.
In November 2014, the directors completed a purchase of a local taxi firm for the consideration of £746,000, in which £728,000 was attributed to goodwill, with the balance of £18,000 for equipment. In addition to this, the Company agreed to pay 20% of the gross profit achieved in each 12-month period for the term of the purchase period, in which deferred consideration payments in the sum of
Administrators' statement of proposals (2017-04-27) · Companies House register