- 08 Jul
Castle Business Finance Has Gone Into Administration
Castle Business Finance Limited (CBF), the invoice finance and trade finance company, has gone into Administration. If you are a customer or were a prospect, and you need refinancing or alternative replacement finance urgently, please:
Contact Sean on 03330 113622.
CBF, company number 10303995 was based at SO12, Pure Offices, Kestrel Court, Harbour Road, Portishead, BS20 7AN. Companies house records show that they company entered Administration on 23rd June 2020, which was the date stamp on the filing to appoint. Paul David Allen of FRP advisory is the Administrator noted in the filing.
The latest set of financial accounts, for the year ending September 2018, as filed at Companies House, showed the company to have shareholders funds of just £21K showing in the balance sheet, after the retained profit and loss account reduced by a further £121K during the trading year.
Administration is a form of insolvency, whereby an administrator is appointed to oversee the operations of a company, for the benefit of its creditors. It will be for the administrator to decide the best course of action, in order to realise the best possible outcome for the creditors of the company.
It is very upsetting to see another invoice finance and factoring company entering a form of insolvency. Fortunately, there are many other alternative providers available, many of whom have a very strong financial position. If you are in doubt about the financial strength of your invoice finance provider, we are able to connect you with companies that are of a reliable standing.
A further concern is to see one of the few trade finance options available within the business finance market, disappearing. Trade finance enables companies to finance the import of goods or materials from abroad, whilst being able to pay their suppliers via a credit facility. This gives the company an opportunity to sell the products, before they are required to repay the trade finance company. There are very few providers that offer this type of service, but there are still options available if you need to find an alternative fInance house.