# The Source (Hastings) Holdings Limited (11544306)

> Why UK company 11544306 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/11544306

- **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- Funding withdrawn / unable to refinance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.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/11544306/filing-history/MzM5MjgyMzY2OGFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/11544306

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.