Slowhit FS Limited (10321365): administration
- Status
- Administration ended
- Administration began
- 2018-12-28
- Administrators' firm
- BDO
- Incorporated
- 2016-08-09
- Location
- Liverpool
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
The Company is a wholly owned subsidiary of Slowhit Limited and was set up in August 2016 to provide certain financial products and services to a blue chip customer base. The two businesses have grown rapidly with investment in people and infrastructure with resultant pressure on working capital facilities. In November 2018 negotiations for a significant equity investment stalled and without any alternative additional funding available, the Companies could not trade beyond the short term and requested BDO’s assistance.
BDO was contacted by David Williams, the Company’s Managing Director on 9 November 2018 and a meeting was held that day between David Williams and Simon Girling.
Following that meeting, the Company instructed BDO LLP to commence an Accelerated M&A process (‘AMA’) in accordance with an engagement letter dated 13 November 2018 to sell the trading business “Carpeo”, consisting of the business and assets of both Slowhit and Slowhit FS. The two companies are completely integrated, using the same premises and IT systems, with most of the 220 employees working across both businesses.
Administrators' statement of proposals (2019-01-21) · Companies House register