Wed, 25 Jul 2012 | ADMINISTRATION
The Green Drinks Company is exploring the possibility of a company voluntary arrangement (CVA) to keep the business trading.
The firm supplied a vending machine system using pouched beverages but a series of problems with the design of its machines led to financial problems and the firm eventually entered administration on 24 May this year and ceased trading.
However, a new report from administrators Milsted Langdon states that outline proposals for a CVA have been received by the company's directors and full proposals should be circulated soon.
The report noted that the product was “well received in the market place” but noted that problems arose with the functionality of the machines. Further investment was sought by The Green Drinks Company but when a health and safety issue was found to require additional parts to be fitted to each machine a decision was made to cease trading activities.
Redundancies among staff were made shortly after this and administrators began taking steps to even things out with creditors.
Preferential creditors are owed £12,205, while a total of £2,724,568 is owed to unsecured creditors and £606,889 to trade creditors. Employees are owed £93,000, while HM Revenue & Customs can claim £24,679 and a £2 million loan is owed to Finasucre.
These claims are likely to reduce if the CVA is successful but the business will require some work to find a healthy trading ground.
This opportunity represents the acquisition of an esteemed art gallery established in 2018, which has become a prestigious cornerstone of the contemporary ceramics industry. Operated from a spacious and well-located premises in an affluent area of Lo...
LEASEHOLD
A fantastic opportunity to acquire a stabilised, high-performing asset with significant reversionary potential. This unique investment includes both a thriving self storage business and the freehold of the entire site, offering substantial upside thr...
This is a unique opportunity to acquire a leading Mechanical, Electrical, and Public Health (MEP) design consultancy specialising in science-driven building services for both private and public sector clients.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.