Charity Trading Arm Goes Into Liquidation
TTS Enterprises Ltd, a wholly-owned subsidiary of Bideford-based Charity Torridge Training Services Ltd, has been placed into Liquidation. Ian Walker and Julie Palmer, Partners at the Exeter office of corporate rescue and recovery specialists Begbies Traynor, have been appointed Liquidators.
The Charity, Torridge Training Services Ltd, is largely unaffected by the liquidation of its trading arm, and will continue to provide employability, vocational and life skills training in Devon, Cornwall and Somerset. The trading company, TTS Enterprises Limited, was set up in 1990 as a means of raising money for the Charity through commercial activities. Its principal activity was Headstart, an Apprenticeship hairdressing training scheme funded by the Skills Funding Agency.
The Company had also traded as First Aid South West, providing first aid training to a range of clients and also opened a frozen yoghurt outlet, Hugg Frozen Yoghurts, in the Princesshay Shopping Centre in Exeter in 2010.
Cashflow problems were encountered during early 2011, partly as a result of cancellations and delayed payments being received for courses which had sometimes been sold up to twelve months previously, and partly due to underperformance in other activities. While the Directors put measures in place to address the way courses were sold, it became clear that the overall cashflow position meant that the company could no longer continue. TTS Enterprises Ltd was placed into Liquidation on August 25th 2011.
The Trustees of Torridge Training Services Limited expressed their regret with regard to the liquidation of its subsidiary and the impact it has had on all self employed trainers and suppliers. They stated; “The charity will continue to provide the quality of service to its stakeholders that it has done over the past 23 years”.
Ian joined Begbies in 2000 from Pannell Kerr Forster after practicing insolvency for the previous 20 years with Big Four firms. A member of R3 and a Fellow of the Institute of Chartered Accountants in England & Wales (from which he also takes his Insolvency Licence, he is currently a member of the ICAEW Investigation Committee. Over the years, Ian has dealt with all types of insolvency and at least three recessions. Currently, his practice based in Exeter and Plymouth covers the whole of Devon & Cornwall (including the Scilly Isles), together with as much of Somerset and Dorset as he can get away with! He deals with all types of personal and corporate insolvency and also concentrates on pre- and post-lending review work for all the major lending institutions.