Running a French Holiday Gite in Rural Brittany

Monday, June 15, 2009

SpeedOne sold for £8m and an update from SpeedFerries administrators

When SpeedFerries was put into administration last year I became one of the creditors of 'SpeedFerries Limited (in Administration)' because they owed me for prepaid tickets that I'd not been able to use.

Back in January I learnt of the administrators plans and last week I received the latest, and perhaps final, update from the administrators on reducing the company's debt through selling and realising what few assets SpeedFerries had.

It's interesting to read what value was placed on SpeedFerries customer details as their customer database and various web domain names (except which is being retained by the administrators) was sold to LD Lines for £150,000.

Approval was given in the High Court in March for a Judicial Sale of SpeedOne to try to clear some of the £15m company debt, of which £12m was owed to Bank of Scotland and Incat for the SpeedOne ferry.

The administrators letter continued with details that sealed bids were submitted by 21st April 2009 for SpeedOne and the vessel was eventually purchased by a company called "Prospect Number 70 Limited" for £8m; most of which has already been distributed to the Bank of Scotland as primary secured lender. Prospect Number 70 Limited have now also bought the complete spares inventory for SpeedOne at an additional price of £60k.

The administrators themselves will be paid some £726k for their time and expenses in winding up the company and their letter finishes with 'The Joint Administrators do not anticipate the realisation of further assets in relation to the Company ... there will be insufficient funds to completely discharge the debts of BoS and as such there will be no funds available to discharge the debts of Incat (manufacturers for SpeedOne) .... and there will not be any amounts available to the non-preferential creditors of the Company' (i.e. ordinary customers like me).

And so that pretty much completes the story of SpeedFerries.

But who or what is 'Prospect Number 70 Limited' I wondered? And what do they plan to do with SpeedOne?

I've managed to find a bit of information on the public records held with Companies House (search for 'Prospect Number 70' then 'order information on this company') which are available for £1 for each company filing. Similar information is yielded (for £18 a pop) with a UK data search for Prospect Number 70.

The company was incorporated earlier this year and is currently registered at 25 Moorgate, London. There's three mortgages outstanding on the company, the company secretary is Taqi Ullah Mir, and the company directors are Nicholas James White, Anthony Michael Dean and John Gordon Davis. I did a bit of searching for these names on Google but couldn't find anything that seemed relevant.

So my guess is that SpeedOne has been bought by some kind of venture capitalist or opportunist company and they'll be selling the vessel on to another ferry company.

But who knows?

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