Endorsed Group Limited (09838766): administration
- Status
- Administration ended
- Administration began
- 2020-02-04
- Administrators
- Steven Wiseglass, Kris Anthony Wigfield
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2015-10-23
- Location
- Sheffield
- Industry
- 78109 Other activities of employment placement agencies
Why it went into administration
- Parent or group failure
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
The Company was incorporated in October 2015 as a non trading holding company of the Group.
The Company owns shares in a number of UK and overseas subsidiaries but did not have any other assets or any employees.
In Q2/Q3 of 2019 the Group initiated a refinance process to source additional funding through a number of channels. A bank was approached to increase the current Revolving Credit Facility from £2m to £5m. At the start of September 2019 the CFO reported to Group that such funding had been verbally approved and that the funder was prepared to proceed without requiring further external financial due diligence. The Group was then waiting for the funders legal team to formalise the details.
Administrators' statement of proposals (2020-03-27) · Companies House register