Greyday LLP (OC362475): administration
- Status
- Administration ended
- Administration began
- 2021-09-02
- Administrators
- Andrew Knowles, James Saunders
- Administrators' firm
- Kroll
- Incorporated
- 2011-03-07
- Location
- Manchester
Why it went into administration
- COVID-19
- Cash flow / liquidity pressure
- Funding withdrawn / unable to refinance
From the administrators' statement
The Companies are part of a wider, loosely connected corporate structure known as the Artisan Group. On 31 December 2017, a fire in a car park in Liverpool adjacent to a development owned by Topart and Kings Waterfront (other companies within the Artisan Group) caused major damage to this development. Ultimately the aftermath of this led to the appointment of administrators to Topart and Kings Waterfront on 10 June 2021.
The difficulties experienced by Topart and Kings Waterfront impacted the remainder of the Artisan Group, including the Companies, in particular the pressures placed on working capital and cash generation to service the Group’s ongoing debt commitments.
Furthermore, The Ainscow Hotel (which owns and operates the hotel of the same name and is also part of the Artisan Group) was forced to close during the various lockdowns enforced due to COVID-19. The Ainscow Hotel was one of the more profitable businesses within the Artisan Group and its closure further exacerbated the cashflow difficulties being experienced by the Companies and the wider Group.
Administrators' statement of proposals (2021-11-02) · Companies House register