Portable Centres Ltd (09128008): administration
- Status
- Administration ended
- Administration began
- 2022-03-24
- Administrators
- Paul Ellison, David Ronald Taylor
- Administrators' firm
- KRE Corporate Recovery
- Formerly
- Xpress Refinish Solutions (Production) Ltd
- Incorporated
- 2014-07-14
- Location
- Reading
- Industry
- 45200 Maintenance and repair of motor vehicles
Why it went into administration
- Parent or group failure
- Competition / price pressure
From the administrators' statement
Following the identification of the problems detailed in Section 2, the Group was advised by their accountants to seek formal advice on the financial position of the Group and were introduced to KRE Corporate Recovery Limited (“KRE”) on 2 March 2022.
Following a number of meetings and a review of the Company and Group’s financial position and business, it was determined that the most appropriate strategy was to seek a buyer for the business and assets of the Group as a going concern through Administration.
KRE assisted the directors in drafting an information memorandum and populating a data room, with the intention to send this to various interested party databases and further explore the potential sale of the Group’s business and assets.
Administrators' statement of proposals (2022-05-19) · Companies House register