Kerry Ireland Investments Limited (12312118): administration
- Status
- Administration ended
- Administration began
- 2021-12-21
- Administrators' firm
- EY
- Incorporated
- 2019-11-13
- Location
- London
- Industry
- 64205 Activities of financial services holding companies
Why it went into administration
- COVID-19
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated in England and Wales on 13 November 2019 and was initially operated by the sole director and shareholder, Dermot Hanafin. The Company was established as an investment vehicle to purchase and operate specialist insurance companies within the automotive and motorsports sector.
The Company sought financing from Greensill Capital (UK) Limited (‘GC(UK)’), entering into a payment undertaking deed (‘PUD’) jointly with Kerry Leeds Investments Limited (now known as M.1.S. Motorsport Limited) (‘MIS’). In December 2019, funds of £10m were advanced to the Company under the PUD. It is understood that further funds were expected to be advanced by GC(UK) to facilitate future acquisitions by the Company.
Of the funds initially loaned to the Company under the PUD, £7.5m is understood to have been used to purchase the share capital of MIS, a specialist motorsports insurance brokerage, from Dermot Hanafin on 19 December 2019.
Administrators' statement of proposals (2022-02-24) · Companies House register