The Source (Hastings) Holdings Limited (11544306): administration
- Status
- Administration ended
- Administration began
- 2023-08-29
- Administrators
- Nicholas Holloway, William James Wright
- Administrators' firm
- Interpath Advisory
- Incorporated
- 2018-08-30
- Location
- London
- Industry
- 64209 Activities of other holding companies n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- COVID-19
- Weak consumer demand
- Supply chain disruption
- Rising costs / inflation
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated on 30 August 2018 and is a holding company for the Group. The Company operated from premises on Maunsell Road in Hastings. There were no employees in Company.
3.2 Funding and financial position of the Company
At the date of our appointment, TSH owed the Bank £4.8 million. This comprised a £1.4 million overdraft facility and a £3.4 million clean import loan facility. We understand that this security is cross collateralised over the assets of the Company. The initial charge over the assets of the Company was registered on 26 August 2020; the charge over the assets of TSH was registered on 22 March 2010. The Bank’s security is in the process of being independently reviewed.
Administrators' statement of proposals (2023-09-22) · Companies House register