Charnwood Energy Limited (09299068): administration
- Status
- Administration ended
- Administration began
- 2015-12-21
- Administrators
- Stephen Wade, David Hill
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2014-11-06
- Location
- Cardiff
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
Charnwood Energy Limited (“the Company’) traded as Fast Fuel from premises at Grangemill Industnal Estate, Pen-y-Parc Road, Raglan, NP15 2BX The Company had purchased the business and assets of a predecessor company, Fast Fuel Limited on 4 September 2015 via a pre-pack administration and its purpose was to supply fuel to both domestic and commercial customers n the local vicinity
The Company entered into a supply agreement with Inver Energy (UK) Limited (‘Inver’), who were the Company's sole supplier of fuel As part of the supply agreement, Inver took a debenture, dated 4 September 2015, over the Company's business and assets
Under the terms of the agreement, a credit facility was agreed between the parties This facility was breached by the Company, resulting in Inver serving a statutory demand on the Company Payment was not made by the required deadline and on 21 December 2015 Inver appointed Stephen Wade and David Hill of Begbies Tranyor (Central) LLP as joint administrators
Administrators' statement of proposals (2016-02-23) · Companies House register