Fulcrum Pegasus Prodec Exchange Co Ltd (14092991): administration
- Status
- In administration
- Administration began
- 2026-02-12
- Administrators
- Robert Scott Fishman, Gavin Maher
- Administrators' firm
- Teneo
- Incorporated
- 2022-05-09
- Location
- Birmingham
- Industry
- 64209 Activities of other holding companies n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
From the administrators' statement
Funding has been advanced to FITP as primary borrower by Cortland under a secured credit agreement dated 30 June 2022, pursuant to which a funding facility was made available. The facility has primarily been used to make acquisitions over the last four years, with a component of the facility used to fund working capital. The working capital facility was set up to support a cash pooling system with FITP managing day-to-day liquidity of the companies acquired by FITP, with daily transfers of debtor collections and daily drawdowns to fund working capital needs of the trading subsidiaries all managed by FTIP. Specifically, these operating companies were the Tieva Group, Viadex, EWS and Razor.
In the year leading up to the appointment, we understand some of the subsidiary entities within the Fulcrum UK Group were no longer operating as profitably as they once were. We understand that since early 2025 FITP had been limiting funding available for the Tieva Group and Viadex despite
regular transfers of debtor collections from these entities up to FITP. This led to the Tieva Group and Viadex no longer sweeping cash to FITP in early October 2025.
Administrators' statement of proposals (2026-04-01) · Companies House register