Almtone Limited (10946570): administration
- Status
- Administration ended
- Administration began
- 2018-12-21
- Administrators
- Kirstie Jane Provan, Mark Robert Fry, Gary Paul Shankland
- Administrators' firm
- Begbies Traynor
- Formerly
- Orion Capital Investments Ltd; Almtone Limited
- Incorporated
- 2017-09-05
- Location
- London
- Industry
- 49410 Freight transport by road
Why it went into administration
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- Loss of a key customer, supplier or contract
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Parent or group failure
From the administrators' statement
The Company was formed to acquire the majority of the business and assets of Canute Haulage Group Limited ("CHGL”) together with five (5) other associated companies in the group (‘the CH Group’), all of which entered into Administration on 11 May 2018. The Company purchased the majority of the business and assets via a pre-packaged sale which was completed on 12 May 2018 immediately following the appointment of Messrs Mummery and French of FRP Advisory (“FRP”) (‘the FRP Administrators”) to the companies within the CH Group.
In order to fund the transaction, the Company (and certain of its subsidiaries, as guarantors) entered into a funding agreement with Nucleus Property Finance Limited (“Nucleus”). This funding was provided by way of a confidential invoice discount facility against the debtors of the Company together with a loan against certain chattefs of the Company. As part of the financing package, Nucleus was granted a first ranking fixed and floating charge over the assets of the Company. In addition, one of the Company's principals provided a personal guarantee.
As part of the transaction, the Company was granted Licences to occupy each of the leased premises occupied by the CH Group by the FRP Administrators, as wel! as an option to purchase the Gamston site.
Administrators' statement of proposals (2019-02-18) · Companies House register