LOWE P27 BIDCO LIMITED

• ◆

  3 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

1. LOWE P27 BIDCO LIMITED 2020-10-23 → present
2. P27 BIDCO LIMITED 2018-03-06 → 2020-10-23

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

KPMG

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“At 31 December the Company has net current liabilities of £38.7m and net liabilities of £78.2m. The Directors have prepared budgets and cash flow forecasts for the 12 month period from the date of signing these financial statements which show that available cash reserves, cash generated from operations, and working capital funding will enable the Group to maintain headroom in its liquidity over this year and therefore support the cash requirements of each company within the Group. As part of this assessment, the Directors have taken into consideration cash flow projections from different scenarios and have factored in variables such as future demand, cost reduction, interest and exchange rate movements, and availability of financing. The budgets and cash flow forecasts prepared show that EBITDA and cash flow from operations for the year ended 31 December 2025 are expected to continue to grow relative to the preceding 12 months, in part driven by an increase in contracted revenue volumes as the business exits the 31 December 2024 financial year. The Group's financing arrangements are subject to compliance with financial covenants, calculated with inputs including EBITDA and Net Debt. The budgets and cash flow forecasts prepared for the year to 31 December 2025 show that the Group is able to operate in compliance with those financial covenants, with sufficient resources available to support the Group's budget for that year. The Directors are proactive in their engagement with Ares Management Limited ("Ares"), the senior lender, to ensure that the Group has sufficient headroom and liquidity to support future growth. Ares continue to be very supportive of the business, and based on those discussions and previous experience with Ares, the Directors are confident that the Group will be able to fund future organic and acquisitive growth. As at 31 December 2024, no breaches of the financial covenants have arisen and therefore the Directors have concluded that the facilities are not repayable on demand and have prepared the financial statements on that basis. The Directors have also considered the repayment profile of the preference share capital which is currently due for redemption in September 2026. A redemption of these shares is only expected to arise on a sale of the business, therefore the preference shareholders are willing to continue to provide support to the business on a continued basis through to exit. Given that the Group have sufficient resources available to support the budget for the year to 31 December 2025 and operate within the financial covenants stipulated under the current senior facilities, the Directors have concluded that the financial statements should be prepared on a going concern basis. These financial statements do not, therefore, include any adjustments to the carrying amount or classification of assets and liabilities that would result if the financial statements had not been prepared on a going concern basis.”

Group structure

1. LOWE P27 BIDCO LIMITED · parent
   1. Frost Investments Limited 100% · UK · Holding company
   2. Lowe Refrigeration Solutions Limited 100% · UK · Holding company
   3. Lowe Rental Pte Limited 100% · Singapore · Refrigeration equipment rental
   4. Lowe Rental Ltd 100% · UK · Refrigeration equipment rental
   5. Lowe Rental Inc 100% · United States · Refrigeration equipment rental
   6. Lowe Refrigeration Deutschland GmbH 100% · Germany · Refrigeration equipment rental
   7. Lotsenbüro für temporäre Bauten und mobile Lösungen GmbH 100% · Germany · Provision of catering equipment and facilities
   8. Lowe Rental Limited 100% · Hong Kong · Refrigeration equipment rental
   9. Lowe Refrigeration Italia Srl 100% · Italy · Refrigeration equipment rental
   10. Lowe Refrigeration LLC 49% · UAE · Refrigeration equipment rental
   11. Lowe Rental Limited 100% · China · Refrigeration equipment rental
   12. Lowe Refrigeration Spain SL 100% · Spain · Refrigeration equipment rental
   13. Lowe Rental (Ire) Limited 100% · Ireland · Dormant
   14. PKL Topco Limited 100% · UK · Holding company
   15. PKL Group (UK) Ltd 100% · UK · Provision of catering equipment and facilities
   16. Abbey Design Associates (Gloucester) Limited 100% · UK · Business support service activities
   17. LoweConex Group Limited 100% · UK · Business and domestic software development
   18. Lowe Arabia Rental Equipment LLC 100% · Saudi Arabia · Refrigeration equipment rental

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

17

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

3

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +52.2%

  £4,137,408 → £6,298,804

• Cash

  —

  Not reported

• Net assets

  -34.7%

  -£58,051,474 → -£78,211,842

• Employees

  +5.6%

  36 → 38

• Operating profit

  -794.3%

  -£514,621 → -£4,602,106

• Profit before tax

  -42.8%

  -£14,118,620 → -£20,160,368

• Wages

  +14.1%

  £2,652,901 → £3,025,866

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers