UK-based manufacturer Simply Pool has gone into administration following increasing cash flow difficulties and ceased trading on January 20, 2010.
Prior to the appointment of administrators, Simply Pool directors had expressed interest in acquiring the company’s business and assets from the administrators as a "pre-pack" sale.
Tournament Pool Ltd was therefore set up by Simply Pool directors Paul Adams, Robert Underhill and Neil Weaver as a "vehicle" to acquire the business and assets.
After extensive negotiations TPL, which is "connected" to Simply Pool, made a final offer for the company’s business and unencumbered assets of £44,000, which was accepted.
The offer provides for the sale consideration to be paid £20,000 on completion and the balance over six months. The deferred consideration would be personally guaranteed by the directors of TPL.
