Jeremy French and Glyn Mummery, partners at FRP Advisory LLP, the national specialist restructuring, recovery and insolvency firm with offices in Hornchurch, Essex, were appointed Joint Administrators.
Glyn provided the following comment: "Unfortunately, it was not viable to trade on the business due to a lack of existing contracts and, more critically, an absence of sufficient funding compounded by existing debtors not settling outstanding and overdue accounts. Regrettably, we therefore had to close the business immediately and make 20 staff redundant.
"Our strategy now is to focus upon the best means for maximizing realisations of the Company’s assets."
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FRP Advisory LLP offers a comprehensive suite of restructuring, recovery and insolvency services to the mid-market and financial community. FRP Advisory is focused on enhancing the performance of businesses, as well as saving businesses in distress.