Asset-based lender hits the buffers

AN asset-based lender, specialising in the medical and IT sectors, has been placed into administration.

Warrington-based Total Asset Ltd, which traded as Total Asset Finance is a subsidiary of Daresbury Services Group.

Business recovery experts from the Leeds office of Deloitte were appointed to the company last Tuesday. Companies House records reveal that the business had net assets of £9.8m in the 2009 financial year. Total Asset was owned by Steve Dartnell, while Barclays Bank was the lender.

In a statement Deloitte said: “The joint administrators will continue to collect monies due to the company from contractual counter-parties in addition to recovering value from property assets, inter-company balances and investments in subsidiaries.”

Daresbury Services Group and the other businesses within the group, including healthcare software specialist IMS Maxims are continuing to trade.

Daniel Butters, partner and joint administrator, said: “We will be continuing to collect monies owed to the company under its contracts although we do anticipate receiving offers to buy the loan book. 

“We have retained a number of employees to assist us during the administration process.”

Mr Dartnell refused to go into the background of Total Asset’s difficulties, saying only: “We are working with the administrators. Daresbury Services is fine.”

Last year Mr Dartnell revealed plans to create a group with assets of £100m as he brought Total Asset and IMS Maxim under the Daresbury Service Group umbrella in a deal said to be worth £11m.

The entrepreneur also said he had run the rule over Daily Sport publisher Sport Media Group.