SAE Realisations Limited (08819557): administration
- Status
- Administration ended
- Administration began
- 2017-03-23
- Administrators' firm
- FRP Advisory
- Formerly
- Step Ahead Employment Limited
- Incorporated
- 2013-12-18
- Location
- London
- Industry
- 78109 Other activities of employment placement agencies
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
The business of Step Ahead Employment Limited (‘SAEL”) was established 20 years ago, initially as Credentials Limited and then as SAEL after the shares of Credentials Limited were purchased by the Company for £486k. It employed 24 staff and traded from premises in Farringdon Road, London; the lease is in the name of Credentials Limited, a wholly owned subsidiary and is not an asset of the Company.
We understand SAEL developed a good reputation in the recruitment and placement sector. It was successful and historically profitably until it diversified into apprenticeships. The current sole director is Jacqueline Bedford.
The business was financed through factoring agreement with ABN with a drawdown limit of 90% against invoice value. The factoring facility was not fully relied upon until the apprenticeships business was started.
Administrators' statement of proposals (2017-04-09) · Companies House register