JFN Limited (SC204768): administration
- Status
- Administration ended
- Administration began
- 2023-08-09
- Administrators' firm
- FTI Consulting
- Formerly
- James Fisher Nuclear Limited; JF Faber Limited; MB Faber Limited; Faber Design Consultancy Limited; Motherwell Bridge Investments Limited; M M & S (2625) Limited
- Incorporated
- 2000-03-09
- Location
- Glasgow
- Industry
- 62090 Other information technology service activities
Why it went into administration
- Funding withdrawn / unable to refinance
- Loss of a key customer, supplier or contract
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
In March 2023, the Company’s immediate parent (JFN Holdings Limited) was acquired by Myneration, a wholly-owned investment vehicle of Rcapital. Myneration also simultaneously acquired a number of properties owned by James Fisher Properties Limited, that the Company occupied and operated from. The Company did not own any of these properties either before or after the transaction. JFS publicly reported that the sale formed part of its ongoing commitment to rationalise and focus the JFS group portfolio. FTI was not involved in advising the Company, JFS or Rcapital in relation to the March 2023 transaction.
Shortly after the transaction, a Company reforecast highlighted a funding requirement significantly in excess of previous expectations and the committed funding facilities available to the Company at the time of the acquisition.
The Company attempted to address the additional funding need with support from its Secured Lenders, shareholder and other stakeholders (including the former owner, JFS). Unfortunately, the additional funding required could not be secured.
Administrators' statement of proposals (2023-10-03) · Companies House register