DG Risk Consultants Limited (09143932): administration
- Status
- In administration
- Administration began
- 2024-03-15
- Administrators
- Siann Huntley, Sean Ward
- Administrators' firm
- Leonard Curtis
- Formerly
- Daimon Group Limited; Kirkbride Information Services Limited
- Incorporated
- 2014-07-23
- Location
- Taunton
- Industry
- 80100 Private security activities
Why it went into administration
- COVID-19
- Bad debts / customer insolvency
From the administrators' statement
The Company was established in 2014, providing provision of intelligent security solutions to clients worldwide with maritime and land-based protection capabilities, as well as vessel leasing and procurement, marine salvage, transportation, and construction. The Company specialised in providing support and assistance to personnel and organisations working in complex environments and high risk, emerging markets.
The Company traded successfully for a number of years and built up a broad spectrum of clients in different jurisdictions which could be serviced through its offices in the UK and overseas. The Company was initially funded by loans and shareholder investments.
The business experienced difficulties during recent years, particularly around the Covid-19 pandemic. The majority of shareholder investment to fund the purchase and refit of the Company’s assets took place immediately prior to the outbreak of Covid-19. The cancellation and delays to planned client projects, combined with failed attempts to service client requirements in West Africa due to the reduction in pirate activity, meant that the Company has been unable to generate positive cash flow to service aged debt and loans. The business had purchased a total of 5 new vessels in the period leading up to those events, using available cash within the business, as well as loans and investments.
Administrators' statement of proposals (2024-04-10) · Companies House register