Bridging Lender Excel Securities Goes Into Administration

Enable Finance — Tue, 30 Mar 2010 13:28:46 +0000

Last week Excel Securities the Manchester based Bridging Finance Lender filed a notice of an intention to appoint administrators at the city’s High Court. The directors now have 10 days to appoint an insolvency practitioner, which is expected to be Begbies Traynor.

Although Excel Securities had not been actively lending in the bridging market in for a few months now, the news will still come as a shock to those in the bridging Loan sector.

According to the regional business news site, The Business Desk, at the end of 2009, Excel Securities owed its funders over £23 million, with £10 million of this to be paid to NatWest and the rest due to the Israeli Discount Bank and Bank Leumi (UK) plc.

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Corporate Insolvency; Thresher Goes Into Administration

Enable Finance — Fri, 30 Oct 2009 13:10:33 +0000

First Quench Ltd which owns brands, Threshers, The Local, Wine Rack and Haddows, had to go into administration on Thursday after struggling in the recession.

Richard Fleming, Mick McLoughlin and Ian Corfield of KPMG have been appointed joint administrators to First Quench. KPMG said 81 redundancies had been made at the firm’s head office in Welwyn Garden City, and warned that more jobs were likely to go.

First Quench has 1,202 stores under its various brand names, and employs 6,283 workers.

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Bridging Lender Excel Securities Goes Into Administration

Corporate Insolvency; Thresher Goes Into Administration