General Capital Venture Finance Ltd and
General Capital Finance Ltd have entered administration after
spending the last 15 months winding down their portfolios.
Tarun Mistry, the head of leasing and advisory
services at Grant Thornton, confirmed that he had taken over as the
administrator of the troubled companies that specialised in asset
finance, venture finance and property finance.
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Steve Hartley, General Capital’s chief
executive, who described the move into administration as
“inevitable”, said the “credit crunch had kicked the previous
management of the business”.
He added that since the company was
effectively “insolvent” when he took it over in March 2008, he had
therefore spent the last 15 months “carrying out the process of
collecting its book”.
A statement issued around the time of
Hartley’s arrival showed that the company’s pre-tax profits for the
year to December 2007 totalled £4.1 million.
However, it was subsequently announced that
these preliminary results were wildly overstated, and that the real
figures for 2007 revealed losses of £1.9 million.
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By GlobalDataThis news caused the company’s shares to enter
freefall and the resignation of Mark Edworthy, its MD, and Jonathan
Hill, its CEO.
A full report on General Capital and its
administration will appear in the March issue of Leasing
Life
