Ramco Acquisition Limited (SC443468): administration
- Status
- Administration ended
- Administration began
- 2023-02-20
- Administrators
- Jonathan Charles Marston, Benjamin Thom Cairns
- Administrators' firm
- Alvarez & Marsal
- Formerly
- Blackwood Shelf (No.7) Limited
- Incorporated
- 2013-02-25
- Location
- Glasgow
- Industry
- 09100 Support activities for petroleum and natural gas mining
Why it went into administration
- Creditor pressure / legal action
- Loss of a key customer, supplier or contract
- Property / lease costs
From the administrators' statement
The Company was incorporated on 25 February 2013 and operated solely as a holding company for the wider group. It had two employees, being two of the Company Directors, who resigned prior to our appointment as Joint Administrators.
Credit-bid transaction
During FY21, a subsidiary of the Company - Ramco Tubular Services Limited (“RTS”) - entered into an informal agreement with L&G (the “Landlord”) to pay reduced rent, however no formal agreement was ever documented. Negotiations were ongoing throughout FY21 and FY22 regarding the level of rent, with RTS looking for a reduction in line with what it could afford to pay. However, despite ongoing discussions, no agreement could be reached with the Landlord and RTS could not afford to pay the arrears of rent due. As a result, in August 2022, the Landlord submitted a winding-up petition against RTS and the Company for all outstanding arrears, placing financial pressure on the Company as guarantor for the lease.
Administrators' statement of proposals (2023-04-17) · Companies House register