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260113.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, January 13, 2026, Vol. 27, No. 9 Headlines F R A N C E BETCLIC EVEREST: Moody's Rates New EUR2BB Term Loan Add-ons 'Ba3' I R E L A N D LEGATO EURO II: S&P Assigns B- (sf) Rating to Class F Notes U N I T E D K I N G D O M BIFFA HOLDCO: S&P Assigns 'B+' Long-Term ICR, Outlook Stable BRIP 6 (POOLE) LLP: Moorfields Appointed as Joint Administrators COUNTESSWELLS DEVELOPMENT: Smith Named as Replacement Administrator GREEN POWER: SPK Financial Appointed as Joint Administrators JAMBO SRC: FTI Consulting Appointed as Joint Administrators LIFECYCLE OILS: Alvarez & Marsal Appointed as Joint Administrators LP SD ELEVEN: FRP Advisory Named as Joint Administrators LP SD FIFTEEN: FRP Advisory Appointed as Joint Administrators LP SD FOURTEEN: FRP Advisory Appointed as Joint Administrators LP SD TEN: FRP Advisory Appointed as Joint Administrators LP SD THIRTEEN: FRP Advisory Appointed as Joint Administrators LP SD TWELVE: FRP Advisory Appointed as Joint Administrators PODZE LOGISTICS: JT Maxwell Appointed as Administrator PURE HAUS: Smith & Barnes Appointed as Joint Administrators SCOTT FENCING: KRE (North) Appointed as Joint Administrators TINDERBOX: Quantuma Advisory Appointed as Joint Administrators - - - - - =========== F R A N C E =========== BETCLIC EVEREST: Moody's Rates New EUR2BB Term Loan Add-ons 'Ba3' ----------------------------------------------------------------- Moody's Ratings has assigned Ba3 ratings to leading French online sports-betting operator Betclic Everest Group's (Betclic or the company) proposed issuance of around EUR2 billion add-ons (additional facility B2 and B3) to the existing senior secured term loan B due 2031 to be borrowed by Betclic and co-borrowed by Banijay Gaming US Holding. Moody's have also assigned a Ba3 rating to the proposed senior secured revolving credit facility (RCF) add-on in the amount of EUR70 million due 2031. All other ratings of the company and its stable outlook remain unchanged. The EUR2 billion issuance along with around EUR1 billion equivalent of other senior secured debt will be used to finance the acquisition of Tackle Group S.a r.l. (Tipico, B2 RUR), and partially repay existing debt. RATINGS RATIONALE Betclic's Ba3 rating reflects its leading positions in high growth online gambling markets, particularly in French and Portuguese sports-betting where it is a leader. The company benefits from stable and predictable cash flows due to having good visibility on customer numbers and sporting events which are planned well in the future, as well as low fixed costs and capital expenditure. Customer acquisition and retention is dependent on providing a high quality and user-friendly experience which Betclic will need to maintain, potentially incurring additional costs on content and technology in the future. The rating also benefits from the positive considerations the acquisition of Tipico brings. The business combination increases Betclic's revenue to over EUR3 billion from EUR1.6 billion, and more than doubles EBITDA to around EUR900 million (2025 PF). It also enhances Betclic's business profile by creating a more diverse European sports betting and online gaming company. Although gaming regulation is a significant risk for the sector, Betclic's risk is mitigated because it operates in markets where regulation is protective of existing players, stable and restrictive with no materially negative changes expected in the medium term. The tough regimes, combined with high taxes, act as barriers to entry. Sports betting results are volatile, and Betclic manages this risk through sophisticated trading models and a low-aggression odds strategy plus hedging. Moody's expects the combined group to adhere to Betclic's current low risk strategy and Moody's do not expect the addition of German and Austrian regulated markets to materially impact regulatory and tax risk. Betclic's Moody's-adjusted gross leverage will increase to around 4.6x pro forma (PF) for the Tipico transaction, however, Moody's expects leverage to decrease relatively quickly to below 4.0x in the next 12-18 months (prior to the realization of synergies). LIQUIDITY Moody's expects Betclic's liquidity profile to be good over the next 12-18 months supported by unrestricted cash balances of around EUR187 million PF for the closing of the Tipico transaction. Further liquidity will be provided by access to a revolving credit facility (RCF) of EUR130 million due in 2031 (to be increased from EUR60 million as part of this transaction). The RCF documentation contains a springing financial covenant based on senior secured net leverage set at 6.0x and tested when the RCF is drawn by more than 40%. Moody's expects that Betclic will maintain good headroom under this covenant if it is tested. Moody's expects Betclic to generate a healthy free cash flow of over EUR100 million over the next 12-18 months after dividends of up to around EUR400 million per year. The company's liquidity sources can accommodate smaller bolt-on acquisitions, and there are no significant debt maturities before the senior secured bank debt matures in 2031. STRUCTURAL CONSIDERATIONS Betclic's probability of default rating (Ba3-PD), in line with its CFR, reflects Moody's assumptions of a 50% family recovery rate, as is typical for capital structures with bank debt and a covenant-lite structure. The existing senior secured TLB and proposed additional facilities B2, B3 and RCF are rated in line with the company's CFR, reflecting their pari passu ranking. The TLBs and RCF are supported by upstream guarantees amounting to 75% of group EBITDA. RATIONALE FOR THE STABLE OUTLOOK The stable outlook reflects Moody's expectations of moderate growth in revenue and EBITDA over the next 12-18 months. It assumes that the regulatory environment will remain stable and that the company will adhere to its plan for a conservative financial policy going forward, quickly reducing leverage to achieve its maximum net reported leverage target of 3.0x following the transaction. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward pressure on the ratings could materialize if the company demonstrates that it is able to maintain Moody's-adjusted leverage below 3.5x on a sustainable basis, with a clear commitment to maintain leverage at such a level, and increases its Moody's-adjusted EBIT margin above 20% while exhibiting good liquidity and generating strong positive free cash flow. Negative pressure on the ratings could occur if Betclic's operating performance weakens or is hurt by a changing regulatory and fiscal regime, or if the company's financial profile weakens such that Moody's-adjusted leverage increases sustainably to 4.5x, free cash flow remains negative or weak and liquidity deteriorates, or the company engages in large transformative acquisitions or shareholder distributions that could lead to integration risk and/or a material increase in leverage beyond the company's self-imposed maximum leverage target. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Gaming published in September 2025. COMPANY PROFILE Betclic, headquartered in France, is an online sports betting and gaming operator. The group operates sports betting, online casino, and poker, mainly in France, its primary market, but also in Portugal, Poland and Côte d'Ivoire. As of December 2024, Betclic is the clear market leader in online sports betting in France and Portugal. It is also well-positioned with strong market shares in online poker in France and online sports-betting in Poland. In LTM 2025, the company generated EUR1.5 billion of revenues and EUR415 million of company-adjusted EBITDA. The company is 94.6% owned by Banijay Group N.V. which is the owner of Banijay S.A.S. Banijay Group N.V. is listed on Euronext. Headquartered in Malta, Tipico offers sports betting and online gaming in Germany and Austria via over 1,200 outlets (most in franchises), dedicated websites and applications. In 2024. In 2024, the company reported a net gaming revenue (NGR) after gaming taxes of around EUR1 billion and a company-adjusted EBITDA of EUR421 million. ============= I R E L A N D ============= LEGATO EURO II: S&P Assigns B- (sf) Rating to Class F Notes ----------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Legato Euro CLO II DAC's class A-loan and class A to F notes. At closing, the issuer also issued unrated subordinated notes. The portfolio's reinvestment period will end approximately 4.5 years after closing, while the noncall period will end 1.5 years after closing. The ratings reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes and loan through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,762.69 Default rate dispersion 464.35 Weighted-average life (years) 5.24 Obligor diversity measure 147.11 Industry diversity measure 25.01 Regional diversity measure 1.28 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 0.00 Target 'AAA' weighted-average recovery (%) 35.99 Target weighted-average coupon (%) 4.33 Target weighted-average spread (net of floors; %) 3.64 Under the transaction documents, the rated notes and loan will pay quarterly interest unless a frequency switch event occurs. Following this, the notes and loan will switch to semiannual payments. Rating rationale The portfolio is well diversified at closing, primarily comprising broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, S&P has conducted its credit and cash flow analysis by applying its criteria for corporate cash flow CDOs. S&P said, "In our cash flow analysis, we used the EUR400 million target par amount, the covenanted weighted-average spread of 3.55%, the covenanted weighted-average coupon of 4.00%, and the targeted weighted-average recovery rates. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "Under our structured finance sovereign risk criteria, the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "Until the end of the reinvestment period on July 15, 2030, the collateral manager may substitute assets in the portfolio for so long as our CDO Monitor test is maintained or improved in relation to the initial ratings on the notes and loan. This test looks at the total amount of losses that the transaction can sustain as established by the initial cash flows for each rating, and it compares that with the current portfolio's default potential plus par losses to date. As a result, until the end of the reinvestment period, the collateral manager may through trading deteriorate the transaction's current risk profile, as long as the initial ratings are maintained. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B to D notes could withstand stresses commensurate with higher ratings than those we have assigned. However, as the CLO is still in its reinvestment phase, during which the transaction's credit risk profile could deteriorate, we capped our ratings on the notes. The class A-loan and class A and E notes could withstand stresses commensurate with the assigned ratings. "For the class F notes, our credit and cash flow analysis indicates that the available credit enhancement could withstand stresses commensurate with a lower rating. However, we have applied our 'CCC' rating criteria, resulting in a 'B- (sf)' rating on this class of notes." The ratings uplift for the class F notes reflects several key factors, including: -- The class F notes' available credit enhancement, which is in the same range as that of other CLOs S&P has rated and that has recently been issued in Europe. -- The portfolio's average credit quality, which is similar to other recent CLOs. -- S&P's model generated break-even default rate at the 'B-' rating level of 23.93% (for a portfolio with a weighted-average life of 5.24 years), versus if S&P was to consider a long-term sustainable default rate of 3.2% for 5.24 years, which would result in a target default rate of 16.77%. -- S&P does not believe that there is a one-in-two chance of this note defaulting. -- S&P dows not envision this tranche defaulting in the next 12-18 months. S&P said, "Following this analysis, we consider that the available credit enhancement for the class F notes is commensurate with the assigned 'B- (sf)' rating. "In addition to our standard analysis, to indicate how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we also included the sensitivity of the ratings on the class A-loan and class A to E notes based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category--and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met--we have not included the above scenario analysis results for the class F notes." Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit or limit assets from being related to certain industries. Since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Ratings Amount Credit Class Rating* (mil. EUR) enhancement (%) Interest rate§ A AAA (sf) 118.00 38.00 Three/six-month EURIBOR plus 1.35% A-loan AAA (sf) 130.00 38.00 Three/six-month EURIBOR plus 1.35% B AA (sf) 42.00 27.50 Three/six-month EURIBOR plus 2.05% C A (sf) 24.00 21.50 Three/six-month EURIBOR plus 2.35% D BBB- (sf) 30.00 14.00 Three/six-month EURIBOR plus 3.15% E BB- (sf) 18.00 9.50 Three/six-month EURIBOR plus 5.50% F B- (sf) 12.00 6.50 Three/six-month EURIBOR plus 8.75% Sub. NR 31.80 N/A N/A *The ratings assigned to the class A-loan and class A and B notes address timely interest and ultimate principal payments. The ratings assigned to the class C, D, E, and F notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. =========================== U N I T E D K I N G D O M =========================== BIFFA HOLDCO: S&P Assigns 'B+' Long-Term ICR, Outlook Stable ------------------------------------------------------------ S&P Global Ratings assigned its 'B+' long-term issuer credit ratings to U.K.-based waste management services provider Biffa Holdco Ltd. and its financial subsidiary Biffa Group Holdings Ltd., which is also the issuer of the new senior secured notes and borrower of the super senior secured revolving credit facility (RCF). The stable outlook reflects S&P's expectations of high single-digit organic growth and S&P Global Ratings-adjusted EBITDA margins of above 12.5% from fiscal 2026, resulting in strong FOCF, FFO to cash interest coverage of above 3x, and S&P Global Ratings-adjusted debt to EBITDA of below 5x from fiscal 2026. This is supported by moderate working capital outflows and a supportive financial policy. Biffa Holdco raised 5.5-year GBP830 million-equivalent senior secured notes to refinance its existing GBP260 million of private placement notes and GBP235 million of term loans, and to repay GBP153 million of existing revolving credit facility (RCF) drawings and about GBP120 million of other debt-like obligations. The existing RCF was also replaced with a new GBP300 million super senior secured RCF maturing in 2032. S&P said, "We expect S&P Global Ratings-adjusted debt to EBITDA to improve to about 4.8x in fiscal 2026 (ending March 31, 2026), and to about 4.6x in fiscal 2027, from 5.4x in fiscal 2025. We expect free operating cash flow before leases (FOCF) roughly in the range of GBP40 million-GBP80 million in fiscal 2026 and 2027, resulting in funds from operations (FFO) to cash interest coverage of more than 3x. "The ratings on Biffa Holdco Ltd. (Biffa) are in line with the preliminary ratings we assigned on Dec. 1, 2025. There were no material changes to the transaction or financial documentation compared with our original assessment." Biffa issued GBP830 million-equivalent of senior secured notes to refinance its existing debt. The notes--split into euro (EUR550 million) and pound sterling (GBP350 million) tranches--were used to repay the existing debt and other debt-like obligations, add cash to its balance sheet, and pay transaction costs. S&P Global Ratings-adjusted debt for fiscal 2026 includes the GBP830 million-equivalent senior secured notes, leases of about GBP300 million, and other liabilities of about GBP155 million. As part of its acquisition of Biffa in 2023, Energy Capital Partners (ECP) provided equity to Biffa Holdco Ltd. in the form of a shareholder loan. S&P said, "Based on the shareholder loan documentation, we view this instrument as equity-like under our criteria for treatment of controlling shareholder financing, and as a result exclude it from our financial analysis, including our leverage and coverage calculations." The company holds leading positions in the relatively small and fragmented U.K. waste management market. S&P's assessment of the business risk profile as fair reflects Biffa's strong market positions in the U.K. waste management market as one of two large players, alongside Veolia. In Industrial & Commercial waste and recycling collections (about 45% of net revenue in fiscal 2025), Biffa has a market share of about 7% (and up to 15% in certain subsegments and regions), demonstrating the market's fragmented nature. The Municipal waste and recycling collections market is comparably consolidated, given about half of total work is insourced by local authorities. In the outsourced market, Biffa has a market share of about 20%, with the top four waste management players operating most of these services. Biffa also holds strong positions in the recycling market, having market shares of about 20% in its plastic polymeric recycling and its materials recovery facility businesses (MRF), with the group's Edmonton facility being the U.K.'s second largest MRF. These factors are offset by Biffa being wholly concentrated in the U.K., as well as the domestic market being more fragmented relative to other geographical markets, which S&P views negatively due to increased competitive pressures. Secular market tailwinds will support growth. Biffa will benefit from several tailwinds going forward. S&P said, "We expect macroeconomic conditions to improve in the U.K., with real GDP growth of about 1.5% across fiscal years 2027 and 2028 (compared with 1.1% in fiscal 2025) with interest rate cuts somewhat offsetting weaker domestic demand. Coupled with year-on-year population growth of about 0.5% across the forecast period, we expect U.K. waste volumes to grow due to their tendency to trend with economic and population growth." Ongoing trends in the reversal of globalized waste supply chains are directing customers toward domestic circular solutions. Biffa is well-positioned for this, given it operates across the full value chain, covering the collection of waste and recycling; processing; MRFs; recycling and treatment; and landfill. Broadly speaking, only the top five U.K. waste management services players can offer this full suite of services. S&P said, "Developments in the U.K. regulatory environment have negatively affected the group historically, but we now see them as a competitive advantage for Biffa. For example, the UK Plastic Packaging Tax 2022--penalizing plastic packaging manufactured in or imported to the U.K. that contains less than 30% recycled plastic--aims to reduce plastics ending up in U.K. landfills, thereby benefiting Biffa's strong market presence in plastic polymeric recycling. Similarly, the broadened scope of the U.K. Emissions Trade Scheme (ETS) (which limits emissions from covered sectors and applies appropriate prices) to include the energy from waste (EfW) market from 2028 is a competitive threat to players with these capabilities. It will not affect Biffa following the disposals of its EfW facilities in fiscal 2026. "We assume Biffa will continue to pursue an organic-led growth strategy supported by bolt-on acquisitions. Biffa has historically recorded sound organic growth, primarily through pricing in collections, and investment in its recycling business. This was complemented by selective acquisitions that aimed to expand its U.K. footprint and strengthen capabilities. Under Energy Capital Partner's ownership since 2023, Biffa has completed about 20 acquisitions, notably Renewi's Municipal U.K. business in fiscal 2025, comprising five long-term local authority contracts, to strengthen its waste treatment capabilities. "Going forward, we expect Biffa's growth strategy to be broadly unchanged, with organic expansion remaining a key driver. This will be supported by continued pricing and sales and marketing initiatives in collections, expansion in the recycling business, pricing initiatives in landfill, and cross-selling specialist services with existing industrial and commercial customers. Our base case includes continued acquisitions, which will likely feature disciplined bolt-ons." Deleveraging across the forecast period will be driven by margin expansion and FOCF generation. Biffa recorded S&P Global Ratings-adjusted margins of about 11.4% in fiscal 2025 (fiscal 2024: 10.6%), as the company incurred exceptional expenses of about GBP32 million relating to enterprise resource planning systems, site closures, restructuring, and acquisition-related expenses. This resulted in S&P Global Ratings-adjusted debt to EBITDA of about 5.4x. S&P said, "We expect S&P Global Ratings-adjusted margin expansion across the forecast period to about 12.7% over fiscal years 2026 and 2027, supported by reduced exceptional expenses in fiscals 2027 and 2028 as Biffa progresses out of its efficiency-driving multiyear transformation, alongside targeting profitable customers and routing efficiencies in the collections segment. In turn, this will drive deleveraging to about 4.8x by fiscal 2026, and about 4.6x in fiscal 2027. "We forecast strong adjusted FOCF from fiscal 2027, following the improvement in EBITDA and the phasing out of the loss-making contracts of the Renewi Municipal U.K. business. FOCF will improve to about GBP40 million in fiscal 2026 and GBP80 million by fiscal year-end 2027, supported by neutral working capital from reduced Renewi outflows, although group FOCF after leases remains more muted, with close to break-even in fiscal 2027, turning positive thereafter. "The stable outlook reflects our view that Biffa will generate robust earnings growth, driven by favorable industry trends in the U.K. waste management services market, supporting high single-digit organic growth annually and bolt-on acquisitions. Alongside reduced exceptional expenses, we expect S&P Global Ratings-adjusted debt to EBITDA to stay below 5.0x from fiscal 2026. We also forecast positive adjusted FOCF of GBP40 million or more from fiscal 2026." S&P could lower the rating on Biffa over the next 12 months if it expects its S&P Global Ratings-adjusted debt to EBITDA to remain materially above 5.0x or if it fails to generate FOCF in line with its expectations, likely because of: -- A more aggressive financial policy involving further debt-funded shareholder returns or acquisitions; -- Weaker trading performance; or -- Higher exceptional expenses or higher-than-expected operating expenses. S&P said, "Although not expected in the near term, we could consider taking a positive rating action if the group is able to demonstrate adjusted debt to EBITDA sustained in the region of 4.0x, while we believe that financial policy supports these metrics over the long term, and the company is able to generate sound cash flows." BRIP 6 (POOLE) LLP: Moorfields Appointed as Joint Administrators ---------------------------------------------------------------- BRIP 6 (Poole) LLP was placed into administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), Court No. 008680 of 2025, and Arron Kendall and Michael Solomons of Moorfields were appointed as joint administrators on Dec. 11, 2025. Its registered office and principal trading address is Grafton House, Pury Hill Business Park, Towcester, NN12 7LS. The joint administrators can be reached at: Arron Kendall Michael Solomons Moorfields 82 St John Street London, EC1M 4JN For further information contact: Ralph Williams Tel: 020 7186 1163 Email: ralph.williams@moorfieldscr.com COUNTESSWELLS DEVELOPMENT: Smith Named as Replacement Administrator ------------------------------------------------------------------- By order of the Court dated December 5, 2025, pursuant to paragraph 88 Schedule B1 to the Insolvency Act 1986, Thomas Campbell MacLennan was removed from office as a Joint Administrator of Countesswells Development Limited with effect from 4:00 p.m. on December 8, 2025. Also, by order of the Court dated December 5, 2025 pursuant to paragraph 95(b) of Schedule B1 to the Insolvency Act 1986, Graham David Smith, Insolvency Practitioner of FRP Advisory Trading Limited, was appointed as a replacement Joint Administrator of Countesswells Development Limited with effect from 4:00 p.m. on December 8, 2025. The Joint Administrators may be reached at: Graham David Smith FRP Advisory Trading Limited Suite B, 4th Floor Meridian, Union Row, Aberdeen, AB10 1SA Chad Griffin FRP Advisory Trading Limited Apex 3, 95 Haymarket Terrace Edinburgh, EH12 5HD Chad Griffin was previously appointed as Joint Administrator of Countesswells Development Limited on November 23, 2021. Any person affected by the order of the Court dated December 5, 2025 had 7 days from the date of Advertisement to apply to the Court to set aside or vary the terms of the order. For further details contact: Niamh Fraser Tel: 0330 055 5455 Countesswells Development Limited, which specialized in the construction of domestic buildings, was placed into administration proceedings in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court No. CR-2021-002165. Its registered office is at FRP Advisory Trading Limited, 110 Cannon Street, London, EC4N 6EU (formerly Falcon House, Burbridge Business Park, Downs Road, Witney, Oxon OX29 7WJ). Its principal trading address is Countesswells, Aberdeen, AB15 8FJ. GREEN POWER: SPK Financial Appointed as Joint Administrators ------------------------------------------------------------ Green Power Home Services Ltd was placed into administration proceedings in the High Court of Justice, Business and Property Court in Manchester, Company and Insolvency List, Court No. CR-2025-MAN-001739, and Stuart Kelly and Claire Harsley of SPK Financial Solutions Limited were appointed as joint administrators on Dec. 16, 2025. The company specialized in construction activities not elsewhere classified. Its registered office is at 9 Corbets Tey Road, Upminster, England, RM14 2AP. Its principal trading address is 218 Hutton Road, Shenfield, Brentwood, CM15 8NR. The joint administrators can be reached at: Stuart Kelly Claire Harsley SPK Financial Solutions Limited 7 Smithford Walk Prescot, Liverpool, L35 1SF Further details contact: Adam Farnworth Email: info@spkfs.co.uk Phone: 0151 739 2398 JAMBO SRC: FTI Consulting Appointed as Joint Administrators ----------------------------------------------------------- Jambo SRC Limited was placed into administration proceedings in the High Court of Justice, Business and Property Courts in Leeds, Insolvency and Companies List (ChD), Court No. CR-2025-LDS-001247, and Christopher Jon Bennett and Shamil Ishan Malde of FTI Consulting LLP were appointed as joint administrators on Dec. 19, 2025. Jambo SRC Limited specialized in activities of financial services holding companies. Its registered office is at Vestry House, Laurence Pountney Hill, London, England, EC4R 0EH. The joint administrators can be reached at: Christopher Jon Bennett Shamil Ishan Malde FTI Consulting LLP 200 Aldersgate, Aldersgate Street London, EC1A 4HD Further details contact: Tolu Awoniyi Tel: +44 (0) 20 3727 1759 Email: Jambo@fticonsulting.com LIFECYCLE OILS: Alvarez & Marsal Appointed as Joint Administrators ------------------------------------------------------------------ Lifecycle Oils Ltd was placed into administration proceedings in the High Court of Justice, Business and Property Courts in Birmingham, Insolvency and Companies List (ChD), Court No. CR-2025-BHM-000683, and Michael Denny and Michael Magnay of Alvarez & Marsal Europe LLP were appointed as joint administrators on Dec. 12, 2025. Its registered office is at Townend House, Park Street, Walsall, WS1 1NS. Its principal trading address is 5 Moorcroft Drive, Wednesbury, West Midlands, WS10 7DE. The joint administrators can be reached at: Michael Denny Michael Magnay Alvarez & Marsal Europe LLP Suite 3, Avery House 69 North Street Brighton, BN41 1DH Tel: +44 (0) 20 7715 5200 Further details contact: Melissa Murray Tel: +44 (0) 20 7715 5223 Email: INS_LIFEOL@alvarezandmarsal.com LP SD ELEVEN: FRP Advisory Named as Joint Administrators -------------------------------------------------------- LP SD ELEVEN LIMITED was placed into administration proceedings in the High Court of Justice, Court No. CR‑2025‑009103, and Ian James Corfield and Rajnesh Mittal of FRP Advisory Trading Limited were appointed as joint administrators on Dec. 29, 2025. LP SD ELEVEN LIMITED, trading as Jhoots, was a dispensing chemist in specialised stores. Its registered office is at Jhoots Pharmacy Scott Arms Medical Centre, Whitecrest, Great Barr, Birmingham, B43 6EE (to be changed to c/o FRP Advisory Trading Limited, 2nd Floor, 110 Cannon Street, London, EC4N 6EU). Its principal trading address is Jhoots Pharmacy Scott Arms Medical Centre, Whitecrest, Great Barr, Birmingham, B43 6EE. The joint administrators can be reached at: Ian James Corfield Rajnesh Mittal FRP Advisory Trading Limited 2nd Floor, 110 Cannon Street London, EC4N 6EU Further details contact: The Joint Administrators Tel: 020 3005 4000 Alternative contact: Alex Williams Email: cp.london@frpadvisory.com LP SD FIFTEEN: FRP Advisory Appointed as Joint Administrators ------------------------------------------------------------- Lp SD Fifteen Limited, trading as Jhoots, was placed into administration proceedings in the High Court of Justice, Court No. CR‑2025‑009109, and Ian James Corfield and Rajnesh Mittal of FRP Advisory Trading Limited were appointed as joint administrators on Dec. 29, 2025. Lp SD Fifteen Limited was a dispensing chemist in specialised stores. Its registered office is at Jhoots Pharmacy Scott Arms Medical Centre, Whitecrest, Great Barr, Birmingham, B43 6EE (to be changed to c/o FRP Advisory Trading Limited, 2nd Floor, 110 Cannon Street, London, EC4N 6EU). Its principal trading address is Jhoots Pharmacy Scott Arms Medical Centre, Whitecrest, Great Barr, Birmingham, B43 6EE. The joint administrators can be reached at: Ian James Corfield Rajnesh Mittal FRP Advisory Trading Limited 2nd Floor, 110 Cannon Street London, EC4N 6EU Further details contact: The Joint Administrators Tel: 020 3005 4000 Alternative contact: Alex Williams Email: cp.london@frpadvisory.com LP SD FOURTEEN: FRP Advisory Appointed as Joint Administrators -------------------------------------------------------------- Lp SD Fourteen Limited, trading as Jhoots, was placed into administration proceedings in the High Court of Justice, Court No. CR‑2025‑009115, and Ian James Corfield and Rajnesh Mittal of FRP Advisory Trading Limited were appointed as joint administrators on Dec. 29, 2025. Lp SD Fourteen Limited was a dispensing chemist in specialised stores. Its registered office is at Jhoots Pharmacy Scott Arms Medical Centre, Whitecrest, Great Barr, Birmingham, B43 6EE (to be changed to c/o FRP Advisory Trading Limited, 2nd Floor, 110 Cannon Street, London, EC4N 6EU). Its principal trading address is Jhoots Pharmacy Scott Arms Medical Centre, Whitecrest, Great Barr, Birmingham, B43 6EE. The joint administrators can be reached at: Ian James Corfield Rajnesh Mittal FRP Advisory Trading Limited 2nd Floor, 110 Cannon Street London, EC4N 6EU Tel: 020 3005 4000 Email: cp.london@frpadvisory.com Alternative contact: Alex Williams LP SD TEN: FRP Advisory Appointed as Joint Administrators --------------------------------------------------------- LP SD Ten Limited, trading as Jhoots, was placed into administration proceedings in the High Court of Justice, Court No. CR‑2025‑009105, and Ian James Corfield and Rajnesh Mittal of FRP Advisory Trading Limited were appointed as joint administrators on Dec. 29, 2025. LP SD Ten Limited was a dispensing chemist in specialised stores. Its registered office is at Jhoots Pharmacy Scott Arms Medical Centre, Whitecrest, Great Barr, Birmingham, B43 6EE (to be changed to c/o FRP Advisory Trading Limited, 2nd Floor, 110 Cannon Street, London, EC4N 6EU). Its principal trading address is Jhoots Pharmacy Scott Arms Medical Centre, Whitecrest, Great Barr, Birmingham, B43 6EE. The joint administrators can be reached at: Ian James Corfield Rajnesh Mittal FRP Advisory Trading Limited 2nd Floor, 110 Cannon Street London, EC4N 6EU Further details contact: The Joint Administrators Tel: 020 3005 4000 Alternative contact: Alex Williams Email: cp.london@frpadvisory.com LP SD THIRTEEN: FRP Advisory Appointed as Joint Administrators -------------------------------------------------------------- Lp SD Thirteen Limited, trading as Jhoots, was placed into administration proceedings in the High Court of Justice, Court No. CR‑2025‑009114, and Ian James Corfield and Rajnesh Mittal of FRP Advisory Trading Limited were appointed as joint administrators on Dec. 29, 2025. Lp SD Thirteen Limited was a dispensing chemist in specialised stores. Its registered office is at Jhoots Pharmacy Scott Arms Medical Centre, Whitecrest, Great Barr, Birmingham, B43 6EE (to be changed to c/o FRP Advisory Trading Limited, 2nd Floor, 110 Cannon Street, London, EC4N 6EU). Its principal trading address is Jhoots Pharmacy Scott Arms Medical Centre, Whitecrest, Great Barr, Birmingham, B43 6EE. The joint administrators can be reached at: Ian James Corfield Rajnesh Mittal FRP Advisory Trading Limited 2nd Floor, 110 Cannon Street London, EC4N 6EU Further details contact: The Joint Administrators Tel: 020 3005 4000 Alternative contact: Alex Williams Email: cp.london@frpadvisory.com LP SD TWELVE: FRP Advisory Appointed as Joint Administrators ------------------------------------------------------------ Lp SD Twelve Limited, trading as Jhoots, was placed into administration proceedings in the High Court of Justice, Court No. CR‑2025‑009104, and Ian James Corfield and Rajnesh Mittal of FRP Advisory Trading Limited were appointed as joint administrators on Dec. 29, 2025. Lp SD Twelve Limited was a dispensing chemist in specialised stores. Its registered office is at Jhoots Pharmacy Scott Arms Medical Centre, Whitecrest, Great Barr, Birmingham, B43 6EE (to be changed to c/o FRP Advisory Trading Limited, 2nd Floor, 110 Cannon Street, London, EC4N 6EU). Its principal trading address is Jhoots Pharmacy Scott Arms Medical Centre, Whitecrest, Great Barr, Birmingham, B43 6EE. The joint administrators can be reached at: Ian James Corfield Rajnesh Mittal FRP Advisory Trading Limited 2nd Floor, 110 Cannon Street London, EC4N 6EU Further details contact: The Joint Administrators Tel: 020 3005 4000 Alternative contact: Alex Williams Email: cp.london@frpadvisory.com PODZE LOGISTICS: JT Maxwell Appointed as Administrator ------------------------------------------------------ Podze Logistics Ltd was placed into administration proceedings in the High Court of Justice, No. 001692 of 2025, and Andrew Ryder of JT Maxwell Limited was appointed as administrator on Dec. 19, 2025. Podze Logistics Ltd specialized in licensed carriers and other accommodation. Its registered office and principal trading address is 1 Locks Cross, Neston, Corsham, SN13 9TB. The administrator can be reached at: Andrew Ryder JT Maxwell Limited Unit 1 Lagan House 1 Sackville Street Lisburn, Co Antrim, BT27 4AB For further information contact: JT Maxwell Limited Tel: 02892 448 110 Email: corporate@jtmaxwell.co.uk PURE HAUS: Smith & Barnes Appointed as Joint Administrators ----------------------------------------------------------- Pure Haus Ltd was placed into administration proceedings in the High Court of Justice, Business and Property Courts at Leeds, Insolvency and Companies List (ChD), Court No. CR-2025-LDS-001193, and Philippa Smith and Jessica Thomas of Smith & Barnes Insolvency Practitioners Ltd were appointed as joint administrators on Dec. 19, 2025. Pure Haus Ltd specialized in the management of real estate on a fee or contract basis. Its registered office and principal trading address is Chengate House, 61 Pepper Road, Leeds, LS10 2RU. The joint administrators can be reached at: Philippa Smith Jessica Thomas Smith & Barnes Insolvency Practitioners Ltd Brooklands Court, Phase 2 Office 9 Tunstall Road, Leeds, West Yorkshire, LS11 5HL Further details contact: James Duke Email: james@sbip.co.uk SCOTT FENCING: KRE (North) Appointed as Joint Administrators ------------------------------------------------------------ Scott Fencing Limited (previously T.R. Holdings Limited) was placed into administration proceedings in the High Court of Justice, Business and Property Court in Newcastle, Company & Insolvency List, Court No. 000158 of 2025, and Paul Matthew Kings and Lynn Marshall of KRE (North) Limited were appointed as joint administrators on Dec. 16, 2025. Its registered office and principal trading address is Brunswick Industrial Estate, Brunswick Village, Newcastle upon Tyne, NE13 7BA. The joint administrators can be reached at: Paul Matthew Kings Lynn Marshall KRE (North) Limited 7-8 Delta Bank Road Gateshead, NE11 9DJ Email: lynn.marshall@krecr.co.uk Tel: 0191 406 7364 For further information contact: Lynn Marshall Tel: 0191 406 7364 Email: lynn.marshall@krecr.co.uk TINDERBOX: Quantuma Advisory Appointed as Joint Administrators -------------------------------------------------------------- Tinderbox (Scotland) Limited, trading as Tinderbox, was placed into administration proceedings in the Glasgow Sheriff Court, No GLW-L223-25, and Ian Wright and Brian Milne of Quantuma Advisory Limited were appointed as joint administrators on Dec. 17, 2025. Tinderbox (Scotland) Limited operated licensed restaurants. Its registered office is at c/o Quantuma Advisory Limited, 86A George Street, Edinburgh, EH2 3BU; Previous Registered office: Robb Ferguson, Regent Court, 70 West Regent Street, Glasgow, G2 2QZ. Its principal trading address is 189 Byres Rd, Glasgow, G12 8TS. The joint administrators can be reached at: Ian Wright Brian Milne Quantuma Advisory Limited Third Floor, Turnberry House 175 West George St Glasgow, G2 2LB Telephone No: 0141 285 0910 E-mail: glasgow@quantuma.com Alternative contact: Alistair Mitchell Tel: 0330 053 1660 Email: alistair.mitchell@quantuma.com ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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