Global Benefits Group (UK) Limited (09988615): administration
- Status
- Administration ended
- Administration began
- 2024-01-31
- Administrators
- Michael Tagg, James Robert Bennett
- Administrators' firm
- Teneo
- Incorporated
- 2016-02-04
- Location
- Birmingham
- Industry
- 66220 Activities of insurance agents and brokers
Why it went into administration
- Cash flow / liquidity pressure
- Parent or group failure
- Regulatory change or action
From the administrators' statement
Following notification on 21 December 2023 that the group insurance business (and indirect parent GIL) had been placed into administration, the directors became concerned about the future viability of the Company as a going concern.
The Company notified the FCA of the Company’s position on 30 December 2023.
Following discussions with the Company’s immediate parent GBGI and GIL’s Joint Administrators (employees of Teneo), it became apparent that without a commitment to fund the Company’s payroll beyond 31 January 2024, the Company would be insolvent with effect from 31 January 2024 and would be unable to operate beyond that date.
Administrators' statement of proposals (2024-04-15) · Companies House register