Davenham and its group subsidiaries have now entered administration.

David John Whitehouse, Philip Duffy and Matthew Bond of MCR were appointed as joint administrators, for each member of the Group, on 17 October 2011.

The defunct lender’s banking syndicate refused to extend or renew its banking facility on 30 September and demanded immediate repayment.

Given that the group was unable to repay the amounts due to the banking syndicate following the expiry of the term of the facility, the board moved to enter administration.