Mtag (Holdings) Limited (09633194): administration
- Status
- Administration ended
- Administration began
- 2024-07-12
- Administrators
- Gareth Harris, Tyrone Courtman
- Administrators' firm
- RSM
- Incorporated
- 2015-06-10
- Location
- Enderby
- Industry
- 64209 Activities of other holding companies n.e.c.
Why it went into administration
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 10 June 2015 as a property holding company. The main assets represent four units at Coldham Road Industrial Estate, Coningsby, Lincolnshire. Since the Company purchased these freehold properties, shortly following incorporation, they have been leased to a connected company, MTAG Composites Limited (“Composites”), to be utilised as Composites’ trading premises. Composites was a connected party from incorporation due to common directors and shareholders.
The Company’s directors and shareholders from incorporation were Mr Nick and Mrs Susan Maltby. In December 2021, the shares in Composites were restructured and the Company became 90% shareholder in Composites. In May 2023, the Company’s shares were sold by Mr and Mrs Maltby to Electric Future Group Limited (“EFG’”). Following this transaction, Mr Blair Agnew was appointed as the Company’s sole director in place of Mr and Mrs Maltby.
Simultaneously with the share sale, a property mortgage was provided to the Company by Aldermore Bank Plc (“Aldermore”), secured against the Company’s freehold premises. Aldermore also provided an invoice discounting facility and a Recovery Loan Scheme to Composites. Concurrently, funding for the properties was provided by Mr Michael Spinosa. The Company granted a fixed and floating charge to Aldermore on 5 May 2023. The Company also granted a fixed charge in respect of two of the four freehold units to Mr Spinosa by way of a second charge.
Administrators' statement of proposals (2024-09-10) · Companies House register