Crossfit Nidus Ltd (11515884): administration
- Status
- Administration ended
- Administration began
- 2019-10-24
- Administrators
- Robert John Coad, Neil John Maddocks
- Administrators' firm
- Insolvency Practitioners of Undebt.co.uk
- Incorporated
- 2018-08-14
- Location
- Bristol
- Industry
- 93130 Fitness facilities
Why it went into administration
- Rising costs / inflation
From the administrators' statement
The Company was incorporated on 14 August 2018 and traded as a gym under the ‘Crossfit’ style, from premises in Stonehouse, Gloucestershire. Following an initial period of trading there was a breakdown in the working relationship between the directors and shareholders. Following failed negotiations in order to allow an orderly restructuring of the business, one director, Aneta Tucker, resigned from office with effect from 1 July 2019, removed the tenancy at will allowing the Company to trade from the premises and the existing business, equipment and assets were transferred to a new company, Nidus Training Ltd, set up and controlled by her husband, Matthew Tucker.
The Company subsequently ceased trading and the remaining directors sought legal advice from Kitsons Solicitors, who introduced the directors to this firm to provide advice in respect of the Company's financial position and the options available.
Given the dispute between the shareholders, the directors were of the opinion that resolutions could not be passed by the requisite majority in order to place the Company into Creditors Voluntary Liquidation. Given the increased costs of seeking the compulsory winding up of the Company the directors took steps to place the Company into administration.
Administrators' statement of proposals (2019-12-18) · Companies House register