Queensmead School Limited (09156728): administration
- Status
- Administration ended
- Administration began
- 2019-04-08
- Administrators
- Laurence Pagden, Simon James Underwood
- Administrators' firm
- Menzies
- Formerly
- Brigidine School Limited
- Incorporated
- 2014-08-01
- Location
- London
- Industry
- 85590 Other education n.e.c.
Why it went into administration
- Creditor pressure / legal action
- HMRC / tax arrears
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated on 1 August 2014 to run and manage an independent school known as Queensmead School. The school was the successor school to Brigidine School Windsor, having acquired certain assets, including goodwill, which the Company, funded by a connected company, Queensmead Property Limited ("QPL)”, acquired after the former operator entered financial difficulties. The Company began trading in September of 2016. The school was situated in a property owned by QPL. The director of the Company is also the sole director and shareholder of QPL.
The Campany encountered unexpected financial difficulties at the outset, due to fewer than the required number of pupils actually turning up for the start of the first school year in September 2016. Notwithstanding that parents were required to give one term’s notice or pay one term’s fees in lieu of notice, very often this did not materialise. This made it difficult to plan ahead as the true pupil count would remain unknown until the first day of term. Whilst this problem was biggest in September of each year, the same problem occurred to a lesser extent at the beginning of the January and April terms. Whilst the Company pursued parents for the fees owed wherever practicable, this could be a slow and sometimes costly process. In order to assist with these cashflow difficulties, both the director and QPL provided funding for the Company in order for it to meet its trading liabilities.
In early 2018, the Board decided to seek a buyer for the school. The Company’s former solicitors introduced the Board to a potential buyer for the school, which was an international based school operator. Negotiations were entered into with this potential buyer and initial offers were made. However, the offers involved deferred consideration over a very protracted period and were not accepted by the Company. A revised offer was made in mid-2018, the terms of which were acceptable for the Company. Accordingly, the Board decided to continue to trade the school tn the September 2018 term whilst the sale proceeded.
Administrators' statement of proposals (2019-06-11) · Companies House register