260211.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
Wednesday, February 11, 2026, Vol. 27, No. 30
Headlines
B E L G I U M
TELENET GROUP: Fitch Alters Outlook on BB- LongTerm IDR to Negative
T U R K E Y
TURK TELEKOMUNIKASYON: Fitch Affirms 'BB-' Foreign Currency IDR
[] Fitch Alters Outlook on 11 Turkish NBFI Units to Positive
U N I T E D K I N G D O M
CHATSWORTH ROW: CG & Co Named as Administrators
CHECKFER LTD: Purnells Named as Administrators
COMPANY FASTENERS: Begbies Traynor Named as Administrators
DARLINGTON HOUSE: McTear Williams Named as Administrators
MERRIE GARDENS: McTear Williams & Wood Named as Administrators
MRJ ASSOCIATES: Exigen Group Named as Administrators
SOUTH COAST INSULATION: PwC Named as Administrators
TUCO DEVELOPMENTS: Leonard Curtis Named as Administrators
WESTOVER PARK: McTear Williams Named as Administrators
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B E L G I U M
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TELENET GROUP: Fitch Alters Outlook on BB- LongTerm IDR to Negative
-------------------------------------------------------------------
Fitch Ratings has revised Telenet Group Holding N.V.'s Outlook to
Negative from Stable, while affirming its Long-Term Issuer Default
Rating (IDR) at 'BB-'. Fitch has also assigned an expected rating
of 'BB+(EXP)' with a Recovery Rating of 'RR2' to Telenet group's
prospective senior secured instruments.
The Negative Outlook reflects a change in Telenet's operating risk
profile, following the likely implementation of a standalone
capital structure for its network infrastructure subsidiary Wyre,
and the potential that leverage could be managed above the
tightened financial thresholds for Telenet, excluding Wyre,
(referred here as ServCo) on a sustained basis. Fitch views
ServCo's operating profile as weaker than its current profile
resulting in lower EBITDA net leverage capacity, at any given
rating, with slightly higher cash flow from operations (CFO) less
capex / gross debt thresholds.
The Outlook would be revised to Stable if key financial indicators
such as EBITDA and CFO turned out to be higher than expected or if
the company's leverage fell towards the mid-to-lower range of its
guidance.
Key Rating Drivers
Implementing Ringfenced Structure for Wyre: Telenet currently owns
66.8% of Wyre, which manages and operates the company's fixed
network infrastructure assets. Wyre is seeking regulatory approval
to finalise a fibre network deal with Proximus that would limit the
duplication of fibre networks in some regions of Belgium. Telenet
will, upon approval, separate Wyre into a standalone unit with
strong ringfencing measures, creating two distinct credit groups
within Telenet while continuing to consolidate Wyre for accounting
purposes. Wyre will then be designated as an unrestricted
subsidiary of Telenet.
Change in Operating Profile: The separation of Wyre will result in
ServCo's operating profile being anchored around Telenet's mobile
network operations and fixed reselling business in Belgium. Fitch
considers ServCo's profile to be weaker than those of its European
peers that include fixed network ownership in their credit
profiles, even though it will still be strong and has an improved
free cashflow (FCF) profile as heavy fibre upgrade costs are borne
by Wyre.
The payment of fibre wholesale access fees will reduce ServCo's
Fitch-defined EBITDA margin to an estimated 24% on a pro-forma
basis for 2025, from Telenet's current 42%. This represents an
EBITDA reduction of about 40% or EUR500 million, based on Fitch's
estimates. The separation also results in a shift of risk between
ServCo and Wyre, as the former will have greater exposure to
competitive and market pressure, while network access charges
remain stable, leading to potentially higher pressure on margins
for ServCo compared with Telenet.
Debt Reduction: Wyre has secured underwritten commitments of
EUR4.35 billion, which will be partially drawn on transaction
close. The proceeds will enable Wyre to repay existing intercompany
loans from Telenet. This will enable Telenet to use EUR2.3 billion
of these proceeds to partly repay existing debt and reduce gross
debt. The rest will be used by Wyre to fund the roll out of the
fibre network on a standalone basis. The reduction in gross debt
offsets ServCo's lower EBITDA, resulting in broadly stable
pro-forma Fitch-defined EBITDA net leverage at 4.3x in 2026,
compared with Telenet's current credit profile prior to the Wyre
separation.
Reduced Leverage Thresholds: The change in operating profile is
likely to lead to a 0.8x reduction in EBITDA net leverage
thresholds for ServCo to 3.5x-4.2x at 'BB-', from 4.3x-5x and an
increase in CFO less capex/gross debt to 5%-8% from 3%-7.5%. The
reduction in leverage is broadly proportional to the reduction in
EBITDA at ServCo once Wyre's ringfencing becomes effective. The
reduction is in line with Fitch's approach to other network
separations such at Telecom Italia S.p.A (BB/Positive) and eircom
Holding (Ireland) Limited (B+/Stable).
Financial Policy after Separation: Telenet is considering strategic
options for its 66.8% equity holding of Wyre in the short-to-medium
term. The company may reduce its holding and use proceeds up to a
cap to de-leverage ServCo. This means that Telenet is likely to
manage gross leverage at 4.5x and net leverage at 3.5x-4.5x
(company definition). Leverage consistently managed at the upper
end of the range would benchmark the IDR at 'B+'.
Retained Strong Market Position: Telenet's strong retail market
position will be unchanged under ServCo. Telenet operates a
converged, multi-brand business model supported by local content
that helps differentiation and sustain its market share. ServCo has
a 24% subscriber market share in mobile and 34% in fixed broadband
nationally. The share is significantly higher in Flanders and
Brussels, which provides strong economies of scale at a regional
level.
Positive FCF Generation: ServCo's lower EBITDA due to wholesale
payments to Wyre will be partly offset by a large reduction in
capex. Fitch's pro-forma capex projections for ServCo are about 40%
lower than prior to the separation. The combination of a strong
market position, scale economics and reduced capex will enable
ServCo to sustain positive free cash flow (FCF) generation that
provides discretionary capacity to manage leverage. Its base case
projections for ServCo indicate a pre-dividend FCF margin of 3%-4%
for 2026-2028.
Incorporating New Entrant Risk: Fitch's base case cash flow
forecasts for Telenet (before separation) and ServCo aim to
discount the risk of increased competition due to the entry of Digi
in the Belgian mobile and fixed telecoms market. Fitch assumes Digi
gains about 10% of mobile subscriber market share in its first five
years. This could prove an aggressive assumption if Digi's
performance is weaker than expected. However, it discounts a large
proportion of the risk within its financial forecast and provides a
strong basis for the rating. Its base case assumes that, combined
with price competition, this could gradually reduce mobile revenue
by about 10% in the medium term.
Peer Analysis
Telenet (prior to the separation of Wyre) is rated in line with
other alternative operator telecom peers that have strong market
positions across multiple market segments and converge product
propositions. This peer set includes VMED O2 UK Limited
(BB-/Negative), The Sunrise Holding Group (BB-/Positive),
VodafoneZiggo Group B.V. (B+/Stable) and Zegona Holdco Limited
(BB+/Stable). Rating differences are primarily driven by variances
in leverage. Higher-rated peers have similar strong operating
profiles but maintain more conservative capital structure. This is
particularly the case for NOS, S.G.P.S, S.A. (BBB/Stable).
Fitch’s Key Rating-Case Assumptions
Prior to Wyre's separation
- Underlying revenue growth of 0.1%-0.4% (excluding disposals)
during 2025-2028
- Fitch-defined EBITDA margin of 42.5%- 43% for 2026- 2028, little
changed from an estimated 42.3% in 2025
- Capex/sales (excluding amortisation of broadcasting rights)
remaining broadly stable at 37% for 2026-2028
- No dividend payments in 2025-2028
Corporate Rating Tool Inputs and Scores
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
The business and financial profile factors (score, importance) are:
management ('bbb', lower), sector characteristics ('bbb',
moderate), market and competitive positioning ('bbb+', higher),
diversification and asset quality ('bb-', lower), company
operational characteristics ('bbb+', moderate), profitability
('a-', moderate), financial structure ('b', higher) and financial
flexibility ('bb+', moderate).
The assessments of the quantitative financial subfactors are based
on standard weights.
The governance assessment of 'good' results in no adjustment.
The operating environment assessment of 'aa-' results in no
adjustment.
The SCP is 'bb-'.
Recovery Analysis
Fitch applies a generic approach to assign instrument ratings for
issuers with IDRs in the 'BB' rating category. Telenet has only
senior secured debt in its capital structure. Therefore, the senior
secured debt is labelled as "Category 2 first lien", and Fitch
applies 'RR2', reflecting a maximum of two-notch uplift from the
IDR of 'BB-' for the instrument rating, resulting in 'BB+'
instrument ratings.
Following the separation of Wyre, Telenet's collateral value based
on ServCo will be weaker than under the existing Telenet scope.
Fitch's view of ServCo's recovery prospects will be driven by its
assessment of future collateral value, level of committed revolving
credit facilities after separation, and ServCo's final capital
structure.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade (prior to Wyre separation)
A weaker business environment due to increased competition from
either mobile or cable wholesale, or a new market entrant, such as
Digi, leading to a larger market share loss than Fitch expects and
a decrease in EBITDA
Fitch-defined EBITDA net leverage consistently above 5.0x and
EBITDA interest cover consistently below 4.5x
A change in financial or dividend policy leading to higher leverage
targets
CFO-capex/debt below 3.0% on a sustained basis
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade (prior to Wyre separation)
Positive rating action unlikely in the short-to-medium term, given
its base case FCF and leverage profiles, but would be driven by the
following two factors, if performance was better than Fitch
expects
Fitch-defined EBITDA net leverage falling below 4.3x on a sustained
basis
CFO-capex/debt above 7.5% on a sustained basis
Liquidity and Debt Structure
Telenet had a cash balance of EUR975 million at end-September 2025.
The company's liquidity is further supported by undrawn revolving
credit facilities of EUR625 million. It has a long-dated debt
maturity profile, with no large debt maturities until 2028. The
company has a strong cash position (which is driven by the proceeds
from the mobile tower disposal completed in June 2022).
Issuer Profile
Telenet is a Belgium-based converged telecom provider, operating
mainly in Flanders and some communes of Brussels. It expanded its
target market to the remaining part of Brussels and Wallonia in
early 2023 through a wholesale agreement with Orange Belgium.
RATING ACTIONS
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Telenet Financing
USD LLC
senior secured LT BB+(EXP) Expected Rating RR2
senior secured LT BB+ Affirmed RR2 BB+
Telenet Finance
Luxembourg Notes
S.a r.l.
senior secured LT BB+(EXP) Expected Rating RR2
senior secured LT BB+ Affirmed RR2 BB+
Telenet Group
Holding N.V LT IDR BB- Affirmed BB-
ST IDR B Affirmed B
Telenet
International
Finance Sarl
senior secured LT BB+(EXP) Expected Rating RR2
senior secured LT BB+ Affirmed RR2 BB+
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T U R K E Y
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TURK TELEKOMUNIKASYON: Fitch Affirms 'BB-' Foreign Currency IDR
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Fitch Ratings has revised Turk Telekomunikasyon A.S.'s (TT) Outlook
on its Long-Term Foreign-Currency (LTFC) Issuer Default Rating
(IDR) to Positive from Stable and affirmed all ratings.
The rating action follows the revision of the Outlook on Turkey's
Long-Term IDRs to Positive from Stable on January 23, 2026. TT's
high exposure to the Turkish economy means its LTFC IDR is
influenced by the Turkish Country Ceiling, which remains at 'BB-'.
The revision of the Outlook reflects the likely correlation of
future rating actions with changes to the sovereign rating, if the
Country Ceiling moves in line with the sovereign IDR.
The ratings affirmation also follows the update of Fitch's
Corporate Rating Criteria and the Sector Navigators - Addendum to
the Corporate Rating Criteria on January 9, 2026.
Corporate Rating Tool Inputs and Scores
Fitch scored TT as follows, using its Corporate Rating Tool (CRT)
to produce the Standalone Credit Profile (SCP):
The business and financial profile factors (score, relative
importance) are management ('bbb', lower), sector characteristics
('bbb', lower), market and competitive positioning ('bbb+',
higher), diversification and asset quality ('bb+', moderate),
company operational characteristics ('bb+', moderate),
profitability ('bbb+', lower), financial structure ('bb',
moderate), and financial flexibility ('bb', higher).
The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for forecast FY25, 40% for
forecast FY26 and 40% for forecast FY27.
The governance assessment of 'good' results in no adjustment.
The operating environment assessment of 'bb-' results in an
adjustment of -1 notch.
The SCP is 'bb'.
To derive the IDR:
Application of Fitch's Parent Subsidiary Linkage (PSL) Rating
Criteria results in a consolidated profile +1 approach.
Application of Fitch's Government Related Entities Rating Criteria
results in a standalone approach.
Country Ceiling considerations apply and result in an adjustment of
-1 notch.
Recovery Analysis
See the RAC referenced above.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- EBITDA net leverage above 3.2x on a sustained basis
- Material deterioration in pre-dividend free cash flow margin or
in the regulatory or operating environments
- Negative action on Turkiye's Country Ceiling or Long-Term Local
Currency IDR, which could lead to a corresponding action on TT's
Long-Term Foreign- or Local-Currency IDRs
- Increased FX mismatch between TT's net debt and cash flows
especially if combined with excessive reliance on short-term
funding, without adequate liquidity over the next 12-18 months
- Removal of covenants in debt documentation may lead to a change
in PSL assessment, which could result in the IDRs being capped by
the sovereign IDRs
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Positive rating action on Turkiye would lead to a corresponding
action on TT, provided that TT's SCP is at the same level as, or
higher than, the sovereign rating, and the links between the
government and TT remain unchanged
- Decreased currency mismatch between TT's net debt and cash flows
or more effective hedging may lead to a positive action on the SCP,
but not necessarily the IDR
Liquidity and Debt Structure
See the RAC referenced above.
Issuer Profile
TT is an incumbent fixed-line operator in Turkiye, with a range of
mobile, broadband, data, TV and fixed-voice services. It is
controlled by the Turkish government with an effective control of
85%.
Public Ratings with Credit Linkage to other ratings
TT's ratings are linked to the sovereign ratings of Turkiye, in
particular its LTFC IDR, which is capped by Turkiye's Country
Ceiling.
RATING ACTIONS
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Turk Telekomunikasyon A.S.
LT IDR BB- Affirmed BB-
LC LT IDR BB Affirmed BB
Natl LT AAA(tur) Affirmed
AAA(tur)
senior unsecured LT BB- Affirmed RR4 BB-
TT Varlik Kiralama A.S.
senior unsecured LT BB- Affirmed RR4 BB-
[] Fitch Alters Outlook on 11 Turkish NBFI Units to Positive
------------------------------------------------------------
Fitch Ratings has revised the Outlooks on 11 non-bank financial
institution (NBFI) subsidiaries of Turkish banks to Positive from
Stable.
The rating actions follow the Outlook revision on Turkiye's
Long-Term Issuer Default Ratings (IDRs) and subsequent rating
actions on the parent banks dated Jan. 23 2026, "Fitch Revises 9
Turkish Banks' Outlooks to Positive on Sovereign Action; Affirms at
'BB-'" and "Fitch Revises 4 Turkish Banks' Outlooks to Positive on
Sovereign Action; Affirms at 'BB-'", both dated 28 January 2026).
The subsidiaries are:
1. Ak Finansal Kiralama A.S. (Ak Leasing),
2. Alternatif Finansal Kiralama A.S. (Alternatif Leasing)
3. Deniz Finansal Kiralama A.S. (Deniz Leasing),
4. Is Finansal Kiralama Anonim Sirketi (Is Leasing),
5. Garanti Finansal Kiralama A.S. (Garanti Leasing),
6. Garanti Faktoring A.S. (Garanti Faktoring),
7. QNB Finans Faktoring A.S. (QNB Faktoring),
8. QNB Finans Finansal Kiralama A.S. (QNB Leasing),
9. Yapi Kredi Faktoring A.S. (Yapi Kredi Faktoring),
10. Yapi Kredi Finansal Kiralama A.O. (Yapi Kredi Leasing) and
11. Yapi Kredi Yatirim Menkul Degerler A.S. (Yapi Kredi Yatirim)
Key Rating Drivers
Support-Driven Ratings: The NBFIs' Long-Term IDRs and Shareholder
Support Ratings (SSRs) are equalised with those of their parents,
reflecting Fitch's view that they are core and highly integrated
subsidiaries. The revision of the Outlooks on the IDRs to Positive
mirrors those on the respective parents, which, in turn, reflect
easing operating-environment pressures on the credit profiles of
their banking groups.
Fitch is not able to assess the subsidiaries' intrinsic strength as
all companies are highly integrated into their respective parents
and their franchise relies heavily on their parents'. The ratings
are underpinned by potential shareholder support but capped at
'BB-' by their respective parents' Long-Term Foreign-Currency IDRs.
For subsidiaries where the parent bank is foreign-owned (Alternatif
Leasing, Deniz Leasing, QNB Faktoring, QNB Leasing), the cap
underlines intervention risk from the Turkish government.
Highly Integrated Subsidiaries: The ratings of the NBFI
subsidiaries reflect their close integration with their parents,
reputational risks of their defaults for the broader groups, and
ultimate full or majority ownership by their respective parents.
The subsidiaries offer core products and services (leasing,
factoring and investment services) in the domestic Turkish market.
High Support Propensity: The cost of support would be limited as
the subsidiaries are small compared with their parents and total
assets usually do not exceed 3% of group assets. This, together
with the other support factors, means Fitch believes the parents'
propensity to support remains very high. However, the ability to
support is limited by the respective parents' creditworthiness as
reflected in their ratings.
National Ratings Stable: The National Ratings of Ak Lease, Garanti
Leasing and Garanti Faktoring are equalised with their respective
parents' and their Stable Outlook reflects its view that their
creditworthiness in local currency (LC) relative to other Turkish
issuers' remains unchanged.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
The subsidiaries' Long-Term Foreign- and Local-Currency IDRs are
sensitive to a downgrade of their respective parent's IDRs. A
revision of parents' Outlooks to Stable or Negative would be
reflected in the subsidiaries' Outlooks.
The ratings could be notched down from their respective parents'
ratings on a material deterioration in the parents' propensity or
ability to support, for example if the subsidiaries become
materially larger relative to the respective parent banks'.
The ratings could also be notched down from their respective
parents' if the subsidiaries' strategic importance is materially
reduced through, for example, weaker operational and management
integration, reduced ownership or a prolonged period of
underperformance.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
An upgrade of the respective parents' ratings would be reflected in
the subsidiaries' ratings.
Public Ratings with Credit Linkage to other ratings
The entities' ratings are linked to their respective parent banks'
ratings.
ESG Considerations
All issuers in this rating action have an ESG Relevance Score of
'4' for Management Strategy in line with their respective parents'
Management and Strategy ESG Relevance Score. The score reflects
increased regulatory intervention in the Turkish banking sector,
which hinders the operational execution of the parent' s management
strategy, constrains management's ability to determine strategy and
price risk, and creates an additional operational burden for the
respective parent banks. This has a negative impact on the relevant
credit profiles and is relevant to the ratings in conjunction with
other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Is Finansal Kiralama
Anonim Sirketi LT IDR BB- Affirmed BB-
ST IDR B Affirmed B
LC LT IDR BB- Affirmed BB-
LC ST IDR B Affirmed B
Shareholder Support bb- Affirmed bb-
QNB Finansal
Kiralama A.S. LT IDR BB- Affirmed BB-
ST IDR B Affirmed B
LC LT IDR BB- Affirmed BB-
LC ST IDR B Affirmed B
Shareholder Support bb- Affirmed bb-
Ak Finansal
Kiralama A.S. LT IDR BB- Affirmed BB-
ST IDR B Affirmed B
LC LT IDR BB- Affirmed BB-
LC ST IDR B Affirmed B
Natl LT AA-(tur)Affirmed AA-(tur)
Shareholder Support bb- Affirmed bb-
Yapi Kredi Finansal
Kiralama A.O. LT IDR BB- Affirmed BB-
ST IDR B Affirmed B
LC LT IDR BB- Affirmed BB-
LC ST IDR B Affirmed B
Shareholder Support bb- Affirmed bb-
Alternatif Finansal
Kiralama A.S. LT IDR BB- Affirmed BB-
ST IDR B Affirmed B
LC LT IDR BB- Affirmed BB-
LC ST IDR B Affirmed B
Shareholder Support bb- Affirmed bb-
Garanti Finansal
Kiralama A.S. LT IDR BB- Affirmed BB-
ST IDR B Affirmed B
LC LT IDR BB- Affirmed BB-
LC ST IDR B Affirmed B
Natl LT AA(tur) Affirmed AA(tur)
Shareholder Support bb- Affirmed bb-
Yapi Kredi Faktoring
A.S. LT IDR BB- Affirmed BB-
ST IDR B Affirmed B
LC LT IDR BB- Affirmed BB-
LC ST IDR B Affirmed B
Shareholder Support bb- Affirmed bb-
QNB Faktoring A.S. LT IDR BB- Affirmed BB-
ST IDR B Affirmed B
LC LT IDR BB- Affirmed BB-
LC ST IDR B Affirmed B
Shareholder Support bb- Affirmed bb-
Yapi Kredi Yatirim
Menkul Degerler A.S. LT IDR BB- Affirmed BB-
ST IDR B Affirmed B
LC LT IDR BB- Affirmed BB-
LC ST IDR B Affirmed B
Shareholder Support bb- Affirmed bb-
Deniz Finansal
Kiralama A.S. LT IDR BB- Affirmed BB-
ST IDR B Affirmed B
LC LT IDR BB- Affirmed BB-
LC ST IDR B Affirmed B
Shareholder Support bb- Affirmed bb-
Garanti Faktoring
A.S. LT IDR BB- Affirmed BB-
ST IDR B Affirmed B
LC LT IDR BB- Affirmed BB-
LC ST IDR B Affirmed B
Natl LT AA(tur) Affirmed AA(tur)
Shareholder Support bb- Affirmed bb-
===========================
U N I T E D K I N G D O M
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CHATSWORTH ROW: CG & Co Named as Administrators
-----------------------------------------------
Chatsworth Row Limited was placed into administration proceedings
in the High Court of Justice, Business and Property Courts in
Manchester, Insolvency & Companies List, Court Number
CR-2026-MAN-000186, and Edward M Avery-Gee and Nick Brierley of CG
& Co were appointed as joint administrators on February 2, 2026.
Chatsworth Row Limited specialized in the letting and operating of
own or leased real estate.
The company's registered office and principal trading address is at
Charter House, Courtlands Road, Eastbourne, BN22 8UY.
The joint administrators can be reached at:
Edward M Avery-Gee (IP No. 12410)
Nick Brierley (IP No. 19950)
CG & Co
27 Byrom Street
Manchester, M3 4PF
For further details, contact:
The Joint Administrators
Tel No: 0161 358 0210
Email: info@cg-recovery.com
CHECKFER LTD: Purnells Named as Administrators
----------------------------------------------
Checkfer Ltd was placed into administration proceedings in the High
Court of Justice, Business and Property Courts in Bristol,
Insolvency & Companies List (ChD), Court Number CR-2025-BRS-000136,
and Lisa Alford and Chris Parkman of Purnells were appointed as
joint administrators on January 23, 2026.
Checkfer Ltd engaged in business and domestic software
development.
The company's registered office and principal trading office is at
20-22 Wenlock Road, London, England, N1 7GU.
The joint administrators can be reached at:
Lisa Alford (IP No. 9723)
Chris Parkman (IP No. 9588)
Purnells
5a Kernick Industrial Estate
Penryn, Cornwall, TR10 9EP
For further details contact:
The Joint Administrators
Tel No: 01326 340579
Alternative contact: Elizabeth Norcutt
COMPANY FASTENERS: Begbies Traynor Named as Administrators
----------------------------------------------------------
Company Fasteners Limited was placed into administration
proceedings in the Business and Property Courts of England and
Wales, Insolvency and Companies List, Court Number CR-2026-000543,
and Robert Ferne and Kirstie Jane Provan of Begbies Traynor were
appointed as joint administrators on January 27, 2026.
Company Fasteners Limited engaged in non-specialised wholesale
trade.
The company's registered office is c/o Begbies Traynor (London)
LLP, 31st Floor, 40 Bank Street, Canary Wharf, London, E14 5NR.
The joint administrators can be reached at:
Robert Ferne (IP No. 29514)
Kirstie Jane Provan (IP No. 009681)
Begbies Traynor (Central) LLP
31st Floor, 40 Bank Street
Canary Wharf
London, E14 5NR
For further details, contact:
Gabby Whatmore
Begbies Traynor (London) LLP
Email: Gabby.Whatmore@btguk.com
Tel No: 020 7516 1500
DARLINGTON HOUSE: McTear Williams Named as Administrators
---------------------------------------------------------
Darlington House Hotels Limited was placed into administration
proceedings in the High Court of Justice, Court Number
CR-2025-006522, and Jo Watts and Andrew McTear of McTear Williams &
Wood Limited were appointed as joint administrators on January 16,
2026.
Darlington House Hotels Limited engaged in other letting and
operating of own or leased real estate and management consultancy
activities other than financial management.
The company's registered office and principal trading address is at
Unit 18 Prospect Business Centre, Prospect Road, Cowes, PO31 7AD.
Its principal trading address is Unit 18 Prospect Business Centre,
Prospect Road, Cowes, PO31 7AD and Wych Way, Rectory Lane, Church
Norton, Chichester PO20 9DT.
The joint administrators can be reached at:
Jo Watts (IP No. 23310)
Andrew McTear (IP No. 007242)
McTear Williams & Wood Limited
Prospect House
Rouen Road
Norwich, NR1 1RE
For further details, contact:
McTear Williams & Wood Limited
Tel No: 01603 877540
Fax: 01603 877549
Email: jennyrandell@mw-w.com
MERRIE GARDENS: McTear Williams & Wood Named as Administrators
--------------------------------------------------------------
Merrie Gardens Limited was placed into administration proceedings
in the High Court of Justice, Court Number CR-2025-006524, and Jo
Watts and Andrew McTear of McTear Williams & Wood Limited were
appointed as joint administrators on January 16, 2026.
Merrie Gardens Limited engaged in the buying and selling of own
real estate.
The company's registered office and principal trading address is at
WS Group, Unit 18 Prospect Business Centre, Prospect Road, Cowes,
PO31 7AD.
The joint administrators can be reached at:
Jo Watts (IP No. 23310)
Andrew McTear (IP No. 007242)
McTear Williams & Wood Limited
Prospect House
Rouen Road
Norwich, NR1 1RE
For further details, contact:
McTear Williams & Wood Limited
Telephone No: 01603 877540
Fax: 01603 877549
Email: jennyrandell@mw-w.com
MRJ ASSOCIATES: Exigen Group Named as Administrators
----------------------------------------------------
MRJ Associates Ltd was placed into administration proceedings in
the High Court of Justice, Business and Property Courts in
Manchester, Insolvency & Companies List (ChD), Court Number
CR-2026-000175, and David Kemp and Richard Hunt of Exigen Group
Limited were appointed as joint administrators on January 30,
2026.
MRJ Associates Ltd specialized in other activities of employment
placement agencies and temporary employment agency services.
The company's registered office is at Warehouse W, 3 Western
Gateway, Royal Victoria Docks, London, E16 1BD.
Its principal trading address is at 93b Oak Hill, Woodford Green,
IG8 9PF.
The joint administrators can be reached at:
David Kemp (IP No. 24510)
Richard Hunt (IP No. 21772)
Exigen Group Limited
Warehouse W
3 Western Gateway
Royal Victoria Docks
London, E16 1BD
For further details, contact:
David Kemp
Tel No: 0207 538 2222
SOUTH COAST INSULATION: PwC Named as Administrators
---------------------------------------------------
South Coast Insulation Services Limited was placed into
administration proceedings in the High Court of Justice, Business &
Property Courts of England & Wales, Insolvency & Companies List
(ChD), Court Number CR-2026-000742, and Rachael Maria Wilkinson,
Adam Seres, and Mark James Tobias Banfield of
PricewaterhouseCoopers LLP were appointed as joint administrators
on February 2, 2026.
South Coast Insulation Services Limited traded as South Coast
Insulation Services Limited and was formerly known as Saxon
Insulation Limited between April 7, 2010 and September 30, 2010.
The company specialized in construction installation activities.
The company's registered office and principal trading address is at
Unit 12a, I O Centre, Stephenson Road, Fareham, England, PO15 5RU.
The joint administrators can be reached at:
Rachael Maria Wilkinson (IP No. 16234)
PricewaterhouseCoopers LLP
3 Forbury Place
23 Forbury Road
Reading, RG1 3JH
Adam Seres (IP No. 28230)
Mark James Tobias Banfield (IP No. 23350)
PricewaterhouseCoopers LLP
7 More London Place
London, SE1 2RT
For further details, contact:
Tel No: 0113 289 4000
Email: uk_scis_creditors@pwc.com
TUCO DEVELOPMENTS: Leonard Curtis Named as Administrators
---------------------------------------------------------
Tuco Developments Limited was placed into administration
proceedings in the High Court of Justice, Business and Property
Courts of England and Wales, Insolvency & Companies List (ChD),
Court Number CR-2026-000380, and Stewart Goldsmith and Nicola
Elaine Layland of Leonard Curtis were appointed as joint
administrators on January 30, 2026.
Tuco Developments Limited engaged in metal fabrication and
precision engineering.
The company's registered office is at 1580 Parkway, Solent Business
Park, Whiteley, Fareham, Hampshire, PO15 7AG.
Its principal trading address is 23 Gunners Buildings, Limberline
Road, Portsmouth, Hampshire, PO3 5BJ.
The joint administrators can be reached at:
Stewart Goldsmith (IP No. 020970)
Nicola Elaine Layland (IP No. 017652)
Leonard Curtis
1580 Parkway
Solent Business Park
Whiteley, Fareham,
Hampshire, PO15 7AG
For further details, contact:
The Joint Administrators
Email: creditors.south@leonardcurtis.co.uk
Alternative contact: David Tovey
WESTOVER PARK: McTear Williams Named as Administrators
------------------------------------------------------
Westover Park Estate Limited was placed into administration
proceedings in the High Court of Justice, Court Number
CR-2025-006523, and Jo Watts and Andrew McTear of McTear Williams &
Wood Limited were appointed as joint administrators on January 16,
2026.
Westover Park Estate Limited engaged in the buying and selling of
own real estate and other letting and operating of own or leased
real estate.
The company's registered office and principal trading address is at
Unit 18 Prospect Business Centre, Prospect Road, Cowes, PO31 7AD.
The joint administrators can be reached at:
Jo Watts (IP No. 23310)
Andrew McTear (IP No. 007242)
McTear Williams & Wood Limited
Prospect House
Rouen Road
Norwich, NR1 1RE
For further details, contact:
McTear Williams & Wood Limited
Telephone No: 01603 877540
Fax: 01603 877549
Email: jennyrandell@mw-w.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-
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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.
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