GSLF Ventures Limited (08989107): administration
- Status
- Administration ended
- Administration began
- 2016-03-22
- Administrators
- Allan David Kelly, Steven Phillip Ross
- Administrators' firm
- RSM
- Formerly
- GSFL Ventures Limited
- Incorporated
- 2014-04-09
- Location
- Newcastle upon Tyne
- Industry
- 32990 Other manufacturing n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
GSLF Ventures Limited was incorporated on 09 April 2014 and on 28 May 2014 acquired the entire share capital of Protek-CNC Limited The purchase terms included an element of deferred consideration Loan funding was subsequently introduced by The North East Technology Fund LP in order to provide additional finance
Due to cash flow constraints, as a result of the underlying performance of Protek-CNC Limited, the Company was unable to make a payment of deferred consideration of £200,000 00 scheduled for 28 May 2015 A number of payments on account were made during mid-late 2015 but GSLF Ventures Limited was ultimately unable to pay the balance due in full and sought to propose a revised payment plan
The proposed variation was rejected by the seller and a statutory demand was issued on 16 February 2016 for the outstanding balance of £130,000 00 plus interest and charges
Administrators' statement of proposals (2016-04-28) · Companies House register