HSG Facilities Management Limited entered administration on 18 March 2026. However, the administrators’ report reveals that the company’s business and assets had already been sold before their appointment, with employees transferring to the purchaser before the commencement of the administration.

The purchaser was HSG Support Services Limited. Companies House records show that the company was incorporated as HSG Security Limited on 5 February 2024 and changed its name to HSG Support Services Limited on 17 February 2026, less than one month before HSG Facilities Management Limited entered administration. Ashley John Govier, the sole director of HSG Facilities Management Limited, had served as a director of the company until his resignation on 11 February 2026, five weeks before the appointment of administrators.

The administrators’ report states that a sale of the business and assets was negotiated and completed by the director before the appointment of the Joint Administrators. The agreed consideration was £500,000, payable in twenty monthly instalments of £25,000.

Following their appointment, the Joint Administrators commissioned an independent valuation which concluded that the agreed consideration represented a fair and commercially justified value.

However, a review of Companies House filings together with the administrators’ report reveals a remarkably compressed sequence of events leading up to the administration.

HSG Facilities Management Administration Timeline

5 February 2024
HSG Security Limited was incorporated.

1 May 2024
Ashley John Govier was appointed as a director of HSG Security Limited.

11 February 2026
Ashley John Govier resigned as a director of HSG Security Limited.

17 February 2026
HSG Security Limited changed its name to HSG Support Services Limited.

19 February 2026
A satisfaction of charge in favour of Mitsubishi HC Capital UK PLC was filed by HSG Facilities Management Limited.

25 February 2026
A meeting was held with David Kemp of Exigen Group Limited to discuss HSG Facilities Management Limited’s financial predicament.

3 March 2026
HMRC issued a winding-up petition against HSG Facilities Management Limited.

9 March 2026
A charge was registered by HSG Support Services Limited in favour of Ultimate Finance Limited.

11 March 2026
A Notice of Intention to Appoint Administrators was filed.

18 March 2026
David Kemp and Darren Edwards of Exigen Group Limited were appointed as Joint Administrators.

Assets Sold Before HSG Facilities Management Administration

The administrators’ report states that HSG Facilities Management Limited had ceased trading before administration and that employees transferred to HSG Support Services Limited before the appointment of the Joint Administrators.

The report further confirms that the sale of the business and assets was negotiated and completed by the director before the Joint Administrators took office.

However, no specific date is disclosed for:

• The completion of the sale.
• The execution of the Sale and Purchase Agreement.
• The transfer of employees.
• The date upon which the company ceased trading.

This omission is notable given that a meeting took place with David Kemp of Exigen Group Limited on 25 February 2026 to discuss HSG Facilities Management Limited’s financial predicament, less than three weeks before the appointment of administrators and shortly before HMRC issued its winding-up petition.

The report does not disclose whether the sale had already been agreed or completed at the time of that meeting.

Review of the Asset Sale Following Administration

One of the more interesting aspects of the report is that the sale appears to have been completed before the Joint Administrators became involved.

The report states that the business and assets were sold by the director before their appointment. Much of the subsequent narrative therefore concerns the Administrators’ review of a transaction that had already taken place.

Following their appointment, the Joint Administrators instructed Middleton Barton Asset Valuation Limited (MBV) to review the transaction. MBV subsequently concluded that the agreed consideration of £500,000 represented a fair and commercially justified value.

The Administrators also instructed specialist advisers to review the Sale and Purchase Agreement and consider whether a replacement agreement may be required if deficiencies were identified.

At the same time, the Administrators reported that the company’s books and records were still being recovered and that investigations into the company’s affairs remained ongoing.

HSG Support Services Limited and the Purchaser Structure

The chronology surrounding the purchaser is noteworthy.

HSG Security Limited changed its name to HSG Support Services Limited on 17 February 2026, less than one month before HSG Facilities Management Limited entered administration.

Ashley John Govier resigned as a director of the company on 11 February 2026, just six days before the name change and approximately five weeks before the appointment of administrators.

According to Companies House records as at 8 June 2026, the sole shareholder of HSG Support Services Limited is NES Services Group Limited. Only two shares have been issued in NES Services Group Limited, one of which is held by Ashley John Govier.

The company subsequently registered a charge in favour of Ultimate Finance Limited on 9 March 2026, nine days before the administration appointment.

Ongoing Investigations Following HSG Facilities Management Administration

The Administrators report that, at the time the report was prepared, the company’s books and records were still being recovered.

They further note that there may be an overdrawn Director’s Loan Account of approximately £400,000, which remains under investigation.

The first instalment of £25,000 under the £500,000 sale agreement has been received by the Administration estate.

The Joint Administrators estimate that the total costs of the administration will be approximately £124,000.

The Administrators estimate that, after costs, there will be sufficient funds to make a distribution to preferential creditors only.

Further Details Awaited

The administrators’ report confirms that the business and assets were sold before administration and that an independent valuation supported the agreed consideration.

Nevertheless, several key details have not been disclosed publicly, including the date upon which the company ceased trading, the date the sale was completed, and the date employees transferred to the purchaser.

As the administration progresses and further reports are issued, creditors and industry observers will no doubt continue to follow developments closely.

NPD Comment

The value of business intelligence rarely comes from a single event. Rather, it comes from the collation of information from multiple sources, enabling a clearer picture of a company’s current position to emerge.

Changes in directorships, ownership structures, company names, charges, payment performance, debt recovery activity and other corporate events may each appear insignificant in isolation. However, when viewed collectively, they can provide a valuable real-time overview of developments within a business.

This principle forms the foundation of the NPD Database, where information from our many existing clients, NPD’s Debt Recovery and Credit Investigation Departments, and a variety of other sources is collated to help subscribers gain a more up-to-date understanding of the companies with which they trade.

What is administration?

Administration is a formal insolvency procedure designed to protect a company from creditor action while an insolvency practitioner assesses the best outcome for creditors, employees and other stakeholders.

Can a company’s business be sold before administrators are appointed?

Yes. In some circumstances, a company may sell assets or parts of its business before the appointment of administrators. Such transactions may subsequently be reviewed by insolvency practitioners as part of their investigations into the company’s affairs.

What happens to employees when a business is sold?

Where a business is sold as a going concern, employees may transfer to the purchaser under the Transfer of Undertakings (Protection of Employment) Regulations (TUPE), preserving their continuity of employment.

What is a Director’s Loan Account?

A Director’s Loan Account records money transferred between a company and its directors. If a director introduces personal funds into the business, the company may owe money to the director. Conversely, if a director withdraws funds from the company that are not salary, dividends or legitimate business expenses, the director may owe money back to the company.

Where a company becomes insolvent, insolvency practitioners will often review the Director’s Loan Account to determine whether any funds are recoverable for the benefit of creditors.