Greyhound Acquico Ltd (12051549): administration
- Status
- Administration ended
- Administration began
- 2023-09-06
- Administrators
- Rebecca Makaruk, Edward Robert Bines
- Administrators' firm
- Kroll
- Incorporated
- 2019-06-14
- Location
- London
- Industry
- 41100 Development of building projects
Why it went into administration
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Property / lease costs
From the administrators' statement
Kroll were first contacted by the Directors on 5 July 2023. The Directors explained that the costs of the Development had overrun versus budget, due to unforeseen costs and both the Company and the Group were facing significant creditor pressure due to liquidity issues. The Group no longer had sufficient cash flow or access to further funding to finish the Development.
The Development is part complete, with the majority of groundworks finished. 16 complete modules and a further 16 part-complete modules are located at the Factory in Ellens Green, West Sussex. There is outstanding rent due to the landlord of the Factory. The lease for the Factory is in the name of QBT Management Limited.
The 11 staff members of the Group were employed by QBT Management Limited. They were paid up until 31 July 2023, when they were made redundant.
Administrators' statement of proposals (2023-11-07) · Companies House register