Friendship Adventure Ltd. (10756852): administration
- Status
- Administration ended
- Administration began
- 2024-05-08
- Administrators
- Allister Manson, Trevor John Binyon
- Administrators' firm
- Opus Restructuring
- Incorporated
- 2017-05-05
- Location
- Milton Keynes
- Industry
- 11050 Manufacture of beer
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The director of the Company initially approached Allister Manson a Partner of Opus Restructuring LLP (“Opus”) in January 2024 to discuss the financial position of the Company and to view possible refinancing options. Following a review of the Company’s financial position, on 26 January 2024, Opus was formally engaged in an advisory capacity to attempt to consider marketing the business as a going concern and consider the Company’s financial options going forward. Agents were instructed to value the business determine if there would be a market to sell the business as a going concern which was unsuccessful, however an offer was received to purchase part of the business via an insolvency process.
The director indicated that there was no further possibility of funding, and the company was running out of capital to maintain trading in the long term to get the deal over the lien. The director therefore engaged Opus to assist with placing the Company into administration and market the business and assets of the Company for sale via a pre-pack sale process on 8 March 2024.
Due to mounting pressure, and to progress the potential sale of the business a Notice of Intention to Appoint (“NOI”) was submitted to court on the 8 March 2024. The business continued to be marketed whilst matters were ongoing, and a second competing offer was received for both sites and to take on the employees.
Administrators' statement of proposals (2024-05-25) · Companies House register