Millions of pounds were owed by a company that installed and monitored security, fire, surveillance and access systems across the 海角视频 when it collapsed into administration, it has been revealed.
Tailored Fire & Security Group, which is headquartered in Oldham, was set up in 2004, led by chief executive Anthony Whittle and employed around 30 people.
Allan Kelly and Anthony Collier of FRP were appointed as administrators on June 12, 2023.
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A new document submitted by FRP to Companies House has revealed how the business collapsed into administration and how much it owed to its creditors.
How the company entered administration
The FRP document states: "The company is a full subsidiary of TFS Group Holdings. The company is the sole shareholder of TFS Leeds and TFS Manchester.
"Argenbright Security Europe Limited (ASEL) purchased an option to acquire the majority of share capital of TFS Group Holdings from Anthony Whittle... in 2022.
"As part of the proposed acquisition, ASEL provided ongoing financial support and entered into an outsourcing agreement with the company and other subsidiaries of TFS Group Holdings.
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"ASEL began performing some of the services provided by the company on its contracts.
"As part of this agreement, all employees of the company and other subsidiaries were transferred under TUPE to ASEL in March 2023.
"In February 2023, ASEL approached FRP to discuss the financial circumstances of the company and its related companies, and to consider options that may be available to the company to protect them from creditor action.
"ASEL subsequently signed an engagement letter with FRP on 25 April 2023 and FRP received March 2023 management accounts for TFS Group Holdings Limited and its subsidiaries.
"These management accounts demonstrated that the company was insolvent and this engagement was aborted.
"On 4 May 2023, FRP was introduced to the director of the company by ASEL to discuss the company's financial position and the potential insolvency options available to the company to protect value for the benefit of creditors.
"Engagement letters were issued to the company, TFS Leeds and TFS Manchester, on 18 May 2023.
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"On 30 May 2023 a winding-up petition was presented against the company. The director considered his options and signed the engagement letter on 1 June 2023."
TFS Manchester entered administration on June 12 and TFS followed on June 15.
How much does the company owe?
FRP said that HMRC, which is the company's secured creditor, is owed around £1.88m and is expected to "receive a distribution".
However, the firm added that the administrators anticipate that the bank will "suffer a shortfall".
FRP added that it is uncertain whether HMRC, which is owed over £86,000, will receive any of its money back.
The firm also said that the company's unsecured creditors, who are owed over £4.6m in total, are not expected to receive any money.