Cash Processing Solutions Limited (10069434): administration
- Status
- Administration ended
- Administration began
- 2023-01-20
- Administrators
- Nicholas Holloway, William James Wright
- Administrators' firm
- Interpath Advisory
- Incorporated
- 2016-03-17
- Location
- London
- Industry
- 28230 Manufacture of office machinery and equipment (except computers and peripheral equipment)
Why it went into administration
- Supply chain disruption
- Funding withdrawn / unable to refinance
- COVID-19
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 17 March 2016 as one of the investment vehicles to acquire the Cash Processing Machinery business from De La Rue Plc and started trading from leasehold premises in Basingstoke (where the Company’s former staff were located).
The Company was part of a wider global Group which assembled, supplied and serviced cash processing and sorting machines, to central banks, commercial cash processors and retailers globally. It also provided software solutions to its customers.
The Company was headquartered in the UK with 94 employees. The Group had approximately 500 employees across 20 countries.
Administrators' statement of proposals (2023-02-13) · Companies House register