Cordant Technical Limited (SC222281): administration
- Status
- Administration ended
- Administration began
- 2020-03-02
- Administrators
- David Robert Baxendale, Zelf Hussain, Rachael Wilkinson
- Administrators' firm
- PwC
- Formerly
- G8 Environmental Solutions Limited
- Incorporated
- 2001-08-16
- Location
- Edinburgh
- Industry
- 43220 Plumbing, heat and air-conditioning installation
Why it went into administration
- Funding withdrawn / unable to refinance
- Competition / price pressure
From the administrators' statement
The Group is the UK's feading independently owned talent solutions group, serving labour markets across the distribution, delivery, security, cleaning, IT, healthcare and education sectors. Group operations are mainly in the UK, with some operations in France, Germany and Australia. Its head office is in London, with a network of divisional head offices across the UK.
Plc has 20 trading subsidiaries (direct and indirect) and operates under various brand names including Cordant, Staffgroup and Sugarman. The Group utilised a £80m (previously £110m) multi-currency receivables finance facifity made available by RBSIF, Barclays and ABN (the “Lenders”). This facility is secured by debentures and other security documents, providing first ranking fixed charge security and floating charges over certain assets of various trading companies within the Group (including share pledges over the shares of certain subsidiaries and cross guarantees from Plc and certain subsidiaries).
ABN also provided a £12m receivables finance facility to Staffgroup Limited and its subsidiaries. This facility is secured by guarantees granted by various Staffgroup companies including fixed and floating charge debentures and share pledges.
Administrators' statement of proposals (2020-03-12) · Companies House register