Blair Nimmo and Tony Friar of KPMG Restructuring were appointed as Joint Administrators of The Fees Company Limited on 8 September 2009 at the request of the Company‘s directors.
The Fees Company specialised in providing payment plan funding options for schools and golf clubs. Acting as an intermediary between schools and parents, also for golf clubs and their members, the Company would typically fund the up front payment of fees due to schools and golf clubs whilst also collecting the relevant sums (together with a finance and administration charge) from parents and golf club members by direct debit over a series of months.
The Company also operated as a BACS approved Bureau. The Company employed five people based at its leased premises at Currie, on the outskirts of Edinburgh.
Due to the nature of the Company’s business, it had a significant working capital funding requirement. Over recent months the Company has explored several opportunities to refinance the business, but these were not successful.
In addition, a recently identified gap in the Company’s balance sheet resulted in the directors concluding that the Company was insolvent and could not continue to trade.
The Company is not therefore accepting any new business and the Administrators will take immediate steps to ingather and realise the Company’s assets.
Blair Nimmo, Joint Administrator and Head of Restructuring for KPMG in Scotland said: “We will work with the Schools, parents, golf clubs and members, to provide them with as much help and assistance as possible during this uncertain time. We would also encourage any parties having an interest in the Company’s intellectual property to contact the Joint Administrators as soon as possible.”
Individuals and customers having agreements with the Company should contact the Company’s head office for further information if required. Telephone number 0131 449 8840.
In each month and year listed below every article that has ever appeared in golfbusinessnews is reproduced in reverse date order.