- 16 Jul
Update About The WCP Administration
Working Capital Partners (now called WCP), the spot factoring and trade finance company, went into Administration back in May 2019, so I thought I would have a quick look at their site to see if there were any updates.
Update On Working Capital Partners
As far as I can see, there is nothing changed on the site, and I have not heard any further rumours regarding a potential acquisition - let me know if you have.
There are now some documents filed at companies house regarding the Administration. The AM01 notice of Administrators appointment, for company number 05537522, now called WCP Finance Ltd, is stamped the 17th of May 2019 by Companies House.
This document shows Resolve Advisory Ltd, 22 York buildings, John Adam Street, London, WC2N 6JU appointed as Administrators, with Simon Jagger shown as the Insolvency Practitioner handling the case.
The document also states "Conister Bank Limited" as the party making the appointment of the Insolvency Practitioners, so they must have been funding when WCP failed.
WCP Change Of Name Pre Administration
The name of the company was changed, just prior to the Administration, on the 9th of April, from Working Capital Partners Ltd to WCP Ltd. It looks like it exchanged it's name with company number 08242621, which is still showing as active on Companies House and is now called Working Capital Partners Ltd.
A quick search on Google News did not show any further news regarding WCP, following an article in Credit Strategy on the 4th of January 2019, regarding the appointment of Jeff Longhurst as a non-executive
I will keep an eye out for the Administrators first report and post details of anything noteworthy once it is released.
Assisting WCP Clients
I have reported previously on situations where we have been involved with assisting clients of Working Capital Partners that are seeking alternative facilities, anyone that still requires help should contact Sean Morrow on: 03330 113622. Sean has access to the full market of alternative invoice finance companies that offer similar services.