Onex Trading Group Holdings Ltd (13883424): administration
- Status
- Administration ended
- Administration began
- 2024-07-03
- Administrators' firm
- Begbies Traynor
- Formerly
- WED Holdings Ltd; RDCP Investments 12 Ltd
- Incorporated
- 2022-01-31
- Location
- Salisbury
- Industry
- 64209 Activities of other holding companies n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Competition / price pressure
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Sustained trading losses
From the administrators' statement
Since the acquisition, WED’s financial performance temporarily declined, primarily as a result of difficult trading conditions that were seen throughout 2023. Further to this, the loss of two significant clients compounded the problem.
On 8 February 2024, both WED and the Company were in breach of the loan agreements with Close, prompting the latter to issue notices of breach against the former Directors, WED and the Company. Close also proceeded to instruct an advisory firm to carry out an independent business review.
Following discussions with Close, the Company was presented with two options:
Administrators' statement of proposals (2024-08-30) · Companies House register