Braidpoint Limited (SC613559): administration
- Status
- Administration ended
- Administration began
- 2020-06-04
- Administrators
- George Dylan Lafferty, Barry John Stewart
- Administrators' firm
- Leonard Curtis
- Incorporated
- 2018-11-13
- Location
- Glasgow
- Industry
- 70100 Activities of head offices
Why it went into administration
- COVID-19
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Pension deficit
From the administrators' statement
Morningfresh investments Glasgow Ltd (“MIGL” or “the secured creditor’) appointed Stuart Robb and Michelle Elliot as Joint Administrators of the Company on 4 June 2020.
The Administrators understand that the Company entered into an agreement to purchase 100% of MIGL’s 61% shareholding in Mortons Holdings Ltd (“MHL”) on or around 20 December 2018 for a consideration of £3.5 million. The consideration comprised an initial payment in the amount of £350,000, with the deferred consideration of £3.15 million payable by 63 monthly instalments of £50,000 from 14 April 2019.
The Administrators further understand that the Company's obligations under the share purchase agreement were secured by a floating charge in favour of MIGL dated 20 December 2018 and registered on5 January 2019, The floating charge crystallised on or around 14 May 2020, after the Company failed fo make payments pursuant to the share purchase agreement for three consecutive months.
Administrators' statement of proposals (2020-07-31) · Companies House register