Valluga Group Limited (11363164): administration
- Status
- Administration ended
- Administration began
- 2022-10-25
- Administrators
- Carrie James, James Hopkirk
- Administrators' firm
- Kreston Reeves
- Incorporated
- 2018-05-15
- Location
- Chatham Maritime
- Industry
- 93199 Other sports activities
Why it went into administration
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
From the administrators' statement
Creditors should note that, unless otherwise stated, this section of my proposals has been prepared based on information provided to me by the directors of the Company and not from my personal knowledge as Administrator.
The Company traded from an industrial unit next to Silverstone Race Track providing concierge racing services that included racing support and preparation of cars for the Porsche Sprint Challenge as well as race track days and professional race drivers to provide tutoring.
The Company had been struggling in managing cashflow through the summer with an escalation of creditors seeking judgements against the Company. The Company was supported by its shareholders with cash injections through this time. The Company engaged Kreston Reeves LLP on 9 September 2022 to understand the options available and whether recovery of the business was possible. This work included the assistance and preparation of cash flow for the Company to understand the deficit and funding requirement to recover the business.
Administrators' statement of proposals (2022-12-21) · Companies House register