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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, August 26, 2025, Vol. 26, No. 170
Headlines
D E N M A R K
ORSTED A/S: Fitch Affirms 'BB+' Rating on Subordinated Debt
F R A N C E
WORLDLINE S.A.: S&P Downgrades LT ICR to 'BB', Outlook Negative
G E R M A N Y
RETAIL AUTOMOTIVE: S&P Affirms 'BB+ (sf)' Rating on F-Dfrd Notes
I R E L A N D
HENLEY CLO XIII: S&P Assigns Prelim B-(sf) Rating to Class F Notes
OCP EURO 2019-3: Moody's Affirms B3 Rating on EUR11.25MM F Notes
SCULPTOR EUROPEAN I: Moody's Affirms B3 Rating on EUR14MM F-R Notes
U N I T E D K I N G D O M
EDGE FINCO: Moody's Affirms 'B2' CFR, Alters Outlook to Positive
MARTINS CHOCOLATIER: Opus Restructuring Named as Administrators
MITCHELLS HOLDING: Creditors Have Until Sept 11 to File Claims
MOUNT ST MARY'S: BDO LLP Named as Joint Administrators
OWN PROJECTS: Opus Restructuring Named as Administrators
RALPH & RUSSO: Begbies Traynor Named as Replacement Administrators
SLEEP HAVEN: Opus Restructuring Named as Administrators
SPHERE BIO: Forvis Mazars Named as Joint Administrators
W. HARRISON & SONS: Begbies Traynor Named as Administrators
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D E N M A R K
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ORSTED A/S: Fitch Affirms 'BB+' Rating on Subordinated Debt
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Fitch Ratings has revised the Outlook on Orsted A/S's Long-Term
Issuer Default Rating (IDR) to Stable from Negative and affirmed
the IDR and senior unsecured debt rating at 'BBB' and subordinated
debt rating at 'BB+'.
The revision of the Outlook follows the announced capital increase
of DKK60 billion, which should materially improve Orsted's
short-term financial flexibility and reduce its reliance on the
execution of the asset farm-down programme to keep leverage
moderate. The DKK35 billion farm-down target over 2025-2026 is now
more achievable but still subject to execution risks due to
investors' perception of higher risk.
Fitch expects the company to maintain significant leverage headroom
over 2025-2026. However, funds from operation (FFO) net leverage
will increase to almost 3.0x in 2027 (still well placed against the
negative sensitivity of 3.7x), as it concludes the existing
investment programme and reinstates dividends.
Key Rating Drivers
Increased Headroom: The completion of the capital increase will
materially improve Orsted's financial structure and flexibility,
which is reflected in the Stable Outlook. Close to DKK40 billion of
the additional capital will be used to fully take on the Sunrise
Wind project on the company's balance sheet. The remaining DKK20
billion allows management more flexibility in executing its asset
rotation plan, reducing reliance on disposals to protect credit
metrics.
Execution Risks Remain: Orsted's construction pipeline remains
sizeable with about 7GW (excluding Borkum Riffgrund 3) under
construction until end-2027. It still fully owns about 4GW leaving
it exposed to potential delays and additional cost overruns. Orsted
provides operational guarantees to its partners under the
construction agreements, but disposals prior to the beginning of
commercial operations materially mitigate construction risk. The
timely disposal of the 50% stake in Hornsea 3 is important in this
context, given the large size of the project (close to 3GW).
Better Visibility of Farm-downs: The visibility of the asset
rotation plan has improved, in its view, following the exclusion of
Sunrise Wind and completion of financing agreement for Greater
Changhua 2. The company expects to receive over DKK35 billion of
proceeds over 2025-26 (compared with DKK50-60 billion previously),
of which DKK7 billion has already been closed in 2025. The
execution of the asset rotation plan is still important for
Orsted's credit profile, but Fitch believes the targeted proceeds
are now more achievable.
Unchanged Financial Policy: Fitch forecasts FFO net leverage to
average 2.3x over 2025-2026, below the positive sensitivity of
3.0x. Fitch does not expect management to tighten its financial
policy but to increase distributions to shareholder or investments
if it is able to maintain relatively low leverage. Fitch forecasts
FFO net leverage will increase towards the positive sensitivity in
2027.
Long-Term Business Plan Key: Visibility of the long-term business
plan from 2027 will be key to determine Orsted's rating trajectory.
The business environment remains challenging in Europe and the US
and it is unclear whether this will change. Management believes
that the long-term fundamentals are supportive of offshore wind,
not only in Europe but elsewhere. However, Fitch believes that
medium-term visibility for the industry has worsened. Orsted's
growth and profitability targets after 2027 will also be key to
assess business risk.
Solid Operational Asset Base: Orsted's business profile remains
supported by a high quality and largely contracted asset base.
Energy production is renewable, incentivised and contracted on a
long-term basis with an average remaining lifetime of more than 10
years for offshore wind. Close to 80% of revenues are contracted,
most of which is protected from inflationary pressures.
Denmark a Long-Term Shareholder: The Danish state's proportional
commitment (50.1%) to the capital increase is largely based on a
long-term investment proposition and expectation of adequate
remuneration, in its view. This participation highlights the
shareholder's long-term investment rather than an exceptional form
of government support. It is not sufficient to change the rating
construction, bur is positive for Orsted's credit profile.
Standalone Rating Construction: Fitch has revised the 'Assessment
Score' under its Government-Related Entities Rating Criteria to 5
from 0, following the announced capital increase. Fitch assesses
most key risk factors as 'Not strong enough' except for 'R2 -
Precedents of Support' which Fitch assesses as 'Strong'. The
assessment score of 5 results in a standalone rating construction.
Peer Analysis
Orsted has similar debt capacity to Corporacion Acciona Energias
Renovables, S.A. (BBB-/Stable). Orsted has a higher share of
contracted/incentivised income stream at 80%, compared with
Acconia's 70%, and better geographical diversification. This is
balanced by Acciona's focus on onshore wind and solar developments,
which Fitch views as lower risk. Acciona is rated one notch below
Orsted, due to higher projected FFO net leverage.
Orsted's rating is aligned with Statkraft AS's (BBB+/Stable)
Standalone Credit Profile of 'bbb', reflecting some uncertainty
regarding Orsted's leverage trajectory, which is counterbalanced by
the higher cash flow visibility over its 80% quasi-regulated
portion of cash flows. Statkraft has a much larger hydro fleet, but
around two-thirds of its production is exposed to structurally
lower Nordic power prices.
RWE AG (BBB+/Stable) is a generation-focused utility with a large
conventional and renewable fleet. Around 70% of RWE's EBITDA
originates from renewables, but Orsted has higher debt capacity
largely due to a greater proportion of contracted renewables in its
generation mix (80% versus 50%-60%).
Orsted's wind farm operations benefit from quasi-regulated income,
but the debt capacity of this business is lower than that of
regulated networks. It therefore has lower debt capacity than
integrated utilities such as Enel S.p.A. (BBB+/Stable) and
Iberdrola, S.A. (BBB+/Stable).
Key Assumptions
Fitch's Key Assumptions Within its Rating Case for the Issuer:
- Total renewable generation increasing towards 48 terawatt hours
in 2027 (34 terawatt hours in 2024)
- Fitch-defined EBITDA increasing towards DKK32 billion by 2027
(DKK23 billion in 2024)
- Effective interest rate averaging around 4% over the forecast
horizon to 2027
- Cumulative working-capital marginally negative in 2025-2027
- Cumulative capex of DKK145 billion in 2025-2027, partially offset
by cumulative disposals of DKK35 billion
- Capital increase of DKK60 billion closed in 2025
- Dividends reinstated in 2027
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:
- FFO net leverage above 3.7x or FFO interest cover below 4.0x for
an extended period
- Materially higher-than-expected cost overruns or lower awarded
incentives, cancellation fees, and significant delays for any of
the projects under development
- A substantial reduction in the share of incentivised and
contracted revenues to below 80% of wind power production, or
unsatisfactory profitability or an inadequate hedging strategy
could also lead to a tightening of rating sensitivities
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Improving business environment and visibility on long-term
strategy, maintaining at least 80% of earnings derived from
incentivised or contracted output, including a prudent financial
policy and a credible commitment to maintain leverage that is
consistent with FFO net leverage sustained below 3.0x
Liquidity and Debt Structure
At end-June 2025, Orsted maintained solid liquidity, comprising
about DKK75 billion of readily available cash, liquid securities
and committed credit lines. Orsted's liquidity position should
improve with the DKK60 billion capital increase, fully covering
negative free cash flow after disposals over the next two to three
years. Orsted's liquidity also benefits from a well-spread maturity
schedule.
Orsted has good access to capital markets. It maintains a large
share of fixed-rate debt, which helps contain increases in the
average cost of debt despite sharply higher market interest rates.
However, higher interest rates will affect new borrowings.
Issuer Profile
Denmark-based Orsted is the world leader in offshore wind with
installed capacity of almost 9.5GW (on average 51% owned). The
company has developed its presence in onshore wind and solar
photovoltaic (around 6GW on average at more than 50% ownership.
Summary of Financial Adjustments
Fitch-adjusted debt excludes the debt reported under IFRS with
regard to Orsted's divestment of a 50% stake in a portfolio of
three onshore wind farms and one solar farm in the US to a
financial investor. The value of the transaction, completed in
October 2022, was about USD410 million for a 50% stake. This debt
stems from the full consolidation of the project and is calculated
from the net present value of the partner's share of expected free
cash flow in the project, paid out as dividends. The exclusion of
the debt is due to its treatment of dividends to the partner, which
Fitch deducts from its projected FFO.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
ESG Considerations
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
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Orsted A/S LT IDR BBB Affirmed BBB
senior unsecured LT BBB Affirmed BBB
subordinated LT BB+ Affirmed BB+
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F R A N C E
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WORLDLINE S.A.: S&P Downgrades LT ICR to 'BB', Outlook Negative
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S&P Global Ratings lowered its long-term issuer credit rating on
Worldline S.A. and its unsecured debt to 'BB' from 'BBB-' and its
short-term issuer credit rating to 'B' from 'A-3'. The outlook
remains negative.
The negative outlook reflects that S&P could lower its ratings on
Worldline if the company's leverage remains above 4.0x, or if FOCF
remains below 10% of debt, which could happen in case Worldline's
revenue and margin continue to weaken.
Following Worldline S.A.'s downward revisions to its revenue,
EBITDA, and FOCF guidance, alongside its second-quarter results, we
now expect Worldline's revenue to decline by approximately 2% in
2025. S&P also anticipates a weakening of its S&P Global
Ratings-adjusted EBITDA margin, trending toward 10%, from 19.2% in
2023.
S&P forecasts Worldline's S&P Global Ratings-adjusted debt to
EBITDA to reach 4.5x in 2025, up from 3.9x in 2024, with free
operating cash flow (FOCF) after lease expected to break even.
Despite operating in a growing industry, we expect Worldline's
revenue to decline by approximately 2% in 2025, a downward revision
from our previous expectation of 1% growth. This decline stems from
increased churn, particularly within the small and midsize
enterprise (SME) segment following hardware delivery issues and
heightened competition. The trajectory of revenue growth is also
affected by the terminations of merchants in the high brand risk
portfolio, and the termination of its largest contract within the
financial services segment due to re-insourcing. While
macroeconomic softness and shifting consumer spending patterns
contribute to the challenging environment, Worldline's revenue
trajectory lags that of its rated peers (including Nexi SpA and
Adyen N.V.) and the broader industry demonstrating growth in recent
years and quarters. S&P thinks that the underlying demand for
payment processing remains supported by the continued shift from
cash to noncash transactions and banks' increasing willingness to
outsource, trends supported by regulations such as the Second
Payment Services Directive (PSD2).
S&P said, "We expect Worldline's S&P Global Ratings-adjusted EBITDA
margin to be weak at about 10% in 2025, leading to breakeven
reported FOCF. Declining revenue, particularly from the loss of
high-margin business in the SME and financial services segments,
compounded by continued high restructuring and integration costs
drive the weakening EBITDA margin. We anticipate significant
restructuring costs (EUR180 million) and capitalized development
costs (EUR190 million) will persist in 2025. We expect lower
revenue and inflationary pressures on operating expenses to dilute
the EUR220 million in run-rate savings anticipated from the Power
24 restructuring program and other initiatives, delaying the
turnaround in profitability. Following substantial restructuring
expenses incurred in 2024 (EUR320 million), we expect the cash flow
effect from restructuring costs will significantly impact
Worldline's cash flow generation in 2025 and 2026, resulting in
minimal FOCF.
"We have revised our business risk assessment for Worldline to fair
from satisfactory, reflecting declining operating efficiency and
weakened competitiveness. In our view, Worldline has underperformed
market growth and exhibits lower profitability than its peers that
mostly have S&P Global Ratings-adjusted EBITDA margins between 30%
and 50%. Over the past 10 years, Worldline pursued growth through
mergers and acquisitions (M&A). However, the company has recently
signaled a strategic shift toward core and organic growth. In our
view, this reflects that the previous M&A strategy has proven more
costly than initially anticipated and that it will take time before
revenue growth, EBITDA, and FOCF return to previous levels. We
think that Worldline will maintain a unique market position within
the growing payment industry, underpinned by its broad geographic
diversification, leading market positions, comprehensive product
portfolio spanning the full value chain, proprietary intellectual
property, investments in new technologies, and strong, long-term
customer relationships.
"We anticipate that revenue stabilization and the sale of the
mobility and e-transactional services (MeTS) segment will support
S&P Global Ratings-adjusted leverage to peak at 4.5x in 2025,
potentially declining below 4.0x in 2026. Our base case for 2026
assumes stabilization of organic revenue, a decrease in
restructuring costs, and cash inflow from asset disposals. From
2026 onward, we anticipate that the negative effects of certain
one-off factors will subside, including the fading impact of client
terminations and contract losses in the financial services segment,
and the stabilization of revenue through Worldline's new terminal
product line. Furthermore, the new management team is prioritizing
operating efficiency and simplifying the current complex
organizational structure. Worldline recently announced the
divestiture of its MeTS segment for an enterprise value of EUR410
million. We expect these proceeds will remain on the balance sheet,
reducing leverage, although the transaction will result in a EUR450
million revenue loss and a EUR100 million reduction in EBITDA.
However, we see downside risk to our forecast, and deleveraging
could take longer than expected if Worldline fails to recover
topline growth due to continued customer churn or struggles to
improve EBITDA, potentially stemming from higher-than-anticipated
restructuring costs.
"We have revised our Management & Governance (M&G) modifier to
moderately negative from neutral, reflecting a series of profit
warnings. Since October 2023, the company has made five profit
warnings, reflecting a gradual weakening of its EBITDA generation.
At the end of 2023 we were forecasting an S&P Global
Ratings-adjusted EBITDA of above EUR1 billion in 2025, we now
expect an annual EBITDA in 2025 of below EUR500 million. Although
some of the revision can be attributed to external factors such as
a macroeconomic softening, we also note that competitors and the
industry overall continued to show growth. As such we consider that
part of the weakened operating performance is attributable to
strategic misalignment. Furthermore, previous management gave
guidance that was disconnected from actual performance.
"However, there have recently been changes to management, which are
still on-going, including a change of both CEO and CFO during 2025,
and several key changes to risk management positions. We understand
that new management is focused on Worldline returning to revenue
growth, increasing operating efficiency, and enhancing its risk
management frameworks."
Thus far, there is no evidence that the allegations regarding
illegal or questionable activities in several markets by Worldline
published in June 2025 by several media outlets are true.
The allegations implied that Worldline had participated in
activities such as fraud and money laundering for at least a
decade. S&P said, "We take these allegations seriously and are
monitoring their development. At this stage, it is difficult to
assess the legality or illegality of the highlighted transactions
and the conduct of present or former Worldline employees. We
understand that Belgian prosecutors launched a formal money
laundering investigation into Worldline's Belgium-based unit on
June 27, 2025." Although the process can be lengthy, and we expect
that it will take some time before we have full clarity on the
scope and severity of any potential misconduct and the materiality
of the potential consequences for Worldline. However, if well
founded it could result in significant compliance costs, penalties,
and reputation damage.
At the same time, Worldline has initiated one external audit on its
Merchant portfolio. Additionally, Worldline is reviewing its
compliance and risk framework with Oliver Wyman. Final conclusions
of these audits and assessments will be communicated alongside the
company's third quarter revenue report on October 21, 2025,
however, based on preliminary findings, S&P understands that
management does not expect significant changes to its portfolio.
The negative outlook reflects that we could lower our ratings on
Worldline if the company's leverage remains above 4.0x or if FOCF
remains below 10% of debt, which could happen in case Worldline's
revenue and margin continue to weaken.
S&P said, "We could lower our rating on Worldline if the company's
leverage stays sustainably above 4.0x or the FOCF generation remain
below 10% for a sustained period. This could occur if Worldline
fails to recover topline growth, for example, due to continued
customer churn or struggles to improve EBITDA, potentially stemming
from higher-than-anticipated restructuring costs. Although less
likely, we could also take a negative rating action if the ongoing
investigations result in a negative impact on our forecast or our
view of the M&G score.
"We could revise the outlook to stable if the company's performance
rebounded, leading to adjusted leverage sustainably below 4.0x and
solid FOCF generation resulting in an FOCF-to-debt ratio above
10%."
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G E R M A N Y
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RETAIL AUTOMOTIVE: S&P Affirms 'BB+ (sf)' Rating on F-Dfrd Notes
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S&P Global Ratings raised its credit ratings on Retail Automotive
CP Germany 2021 UG's class B notes to 'AA+ (sf)' from 'AA (sf)',
class C notes to 'AA (sf)' from 'A+ (sf)', and class D-Dfrd notes
to 'A (sf)' from 'BBB+ (sf)'. At the same time, S&P affirmed its
'AAA (sf)', 'BBB+ (sf)', and 'BB+ (sf)' ratings on the class A,
E-Dfrd, and F-Dfrd notes, respectively.
The rating action follows S&P's review of the transaction's
performance, its credit and cash flow analysis, and the application
of its criteria.
The transaction was structured as a static true sale with separate
interest and principal waterfalls. The notes have been amortizing
on a pro rata basis since the end of revolving period. Therefore,
there has been no increase of available credit enhancement since
closing.
S&P said, "In our base-case scenario, we forecast Germany's economy
to grow by 0.1% in 2025, while we forecast GDP growth of 1.1% in
2026. The portfolio has a short remaining life, and we believe
macroeconomic conditions will support stable performance over the
next few months.
"We analyzed credit risk under our global auto ABS criteria, using
the transaction's historical gross loss data. In our view, Retail
Automotive CP Germany 2021 demonstrates good asset performance, and
its cumulative gross losses have been in line with the anticipated
gross losses at closing. We therefore have maintained our base-case
gross loss assumption at 2.00%. We also continue to maintain our
stress multiple of 4.8x at the 'AAA' rating level.
"As of June 2025, approximately 25% of the receivables contain a
balloon payment, and this introduces an indirect market value
decline risk to the transaction. If borrowers were to rely on
vehicle sale proceeds to redeem the final payment, high market
value declines would lead to a payment shock. To account for this
risk, we modeled additional losses on the balloon payments of 7.5%
at the 'AAA' rating level, unchanged since closing.
"We have kept the base-case recovery assumption unchanged at 65%
and maintained a haircut of 46% at the 'AAA' rating level,
resulting in a 35.1% stressed recovery rate at 'AAA'."
Credit assumptions
Parameter Current
Gross loss base case (%) 2.0
Gross loss base case calibrated on
the remaining performing pool (%) 2.3
Recovery base case (%) 65.0
Gross loss multiples ('AAA') 4.8
Stressed recovery rates ('AAA') (%) 35.1
Balloon loss ('AAA') (%) 7.5
The remedies for the issuer's account bank provider and swap
counterparty adequately mitigate the transaction's exposure to
counterparty risk in line with S&P's criteria.
S&P's operational and legal risk analyses are also unchanged since
closing.
S&P said, "Our analysis indicates that the available credit
enhancement for the class B, C, and D-Dfrd notes is sufficient to
withstand the credit and cash flow stresses that we apply at the
'AA+', 'AA', and 'A' rating levels, respectively. We therefore
raised our rating on the class B notes to 'AA+ (sf)' from 'AA
(sf)', class C notes to 'AA (sf)' from 'A+ (sf)', and class D-Dfrd
notes to 'A (sf)' from 'BBB+ (sf)'. At the same time, we have
affirmed our 'AAA (sf)', 'BBB+ (sf)', and 'BB+ (sf)' ratings on the
class A, E-Dfrd, and F-Dfrd notes, respectively.
"Our models show that the class D-Dfrd, E-Dfrd, and F-Dfrd notes
could achieve cash flow results higher than the assigned ratings.
However, in line with our approach at closing, and in light of the
structural weaknesses arising from the absence of external
liquidity for these notes, we have applied analytical judgment in
our assessment, resulting in slightly lower ratings for these
notes."
Macroeconomic forecasts and forward-looking analysis
S&P said, "In our view, the borrowers' ability to repay their auto
loans will be highly correlated to macroeconomic conditions,
particularly the unemployment rate and, to a lesser extent,
consumer price inflation and interest rates. We therefore ran
additional scenarios, increasing gross defaults and reducing
expected recoveries by up to 30%. The results of the below
sensitivity analysis indicate that the deterioration is in line
with our credit stability criteria for the rated class of notes."
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I R E L A N D
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HENLEY CLO XIII: S&P Assigns Prelim B-(sf) Rating to Class F Notes
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S&P Global Ratings assigned its preliminary ratings to Henley CLO
XIII DAC's class A-1, A-2, B, C, D, E, and F notes. At closing, the
issuer will also issue unrated subordinated notes.
The preliminary ratings assigned 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 through collateral selection,
ongoing portfolio management, and trading.
-- The transaction's legal structure, which we expect to be
bankruptcy remote.
-- The transaction's counterparty risks, which we expect to be in
line with our counterparty rating framework.
Portfolio benchmarks
S&P Global Ratings' weighted-average rating factor 2,869.64
Default rate dispersion 322.85
Weighted-average life (years) 5.32
Obligor diversity measure 131.90
Industry diversity measure 22.24
Regional diversity measure 1.17
Transaction key metrics
Portfolio weighted-average rating
derived from S&P's CDO evaluator B
'CCC' category rated assets (%) 0.50
'AAA' weighted-average recovery (%) 35.89
Weighted-average spread (%) 3.95
Weighted-average coupon (%) 6.33
Rationale
Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately five years after
closing.
S&P said, "At closing, we expect the portfolio to be
well-diversified, primarily comprising broadly syndicated
speculative-grade senior secured term loans and bonds. Therefore,
we have conducted our credit and cash flow analysis by applying our
criteria for corporate cash flow CDOs.
"In our cash flow analysis, we modeled a target par of EUR400
million. Additionally, we modeled the target weighted-average
spread (3.95%), the target weighted-average coupon (6.33%), and the
target weighted-average recovery rates calculated in line with our
CLO criteria for all classes of notes. 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.
"Until the end of the reinvestment period on Aug. 15, 2030, the
collateral manager may substitute assets in the portfolio as long
as our CDO Monitor test is maintained or improved in relation to
the initial ratings on the notes." 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 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, if the initial ratings are
maintained.
S&P said, "Under our structured finance sovereign risk criteria, we
consider the transaction's exposure to country risk sufficiently
mitigated at the assigned preliminary ratings.
"At closing, we expect the transaction's documented counterparty
replacement and remedy mechanisms to adequately mitigate its
exposure to counterparty risk under our counterparty criteria.
"We expect the transaction's legal structure and framework to be
bankruptcy remote, in line with our legal criteria.
"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe the preliminary ratings
are commensurate with the available credit enhancement for the
class A-1 to E notes. 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 assigned. However, as the CLO will be in its reinvestment
phase starting from closing--during which the transaction's credit
risk profile could deteriorate--we have capped our preliminary
ratings on the notes.
"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 preliminary '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 we have rated and that have
recently been issued in Europe.
-- The preliminary 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 27.84% (for a portfolio with a weighted-average
life of 5.32 years), versus if it was to consider a long-term
sustainable default rate of 3.1% for 5.32 years, which would result
in a target default rate of 16.49%.
-- S&P does not believe that there is a one-in-two chance of this
note defaulting.
-- S&P does 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 preliminary 'B- (sf)' rating.
"Given our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for all the
rated classes of notes.
"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-1 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 transaction's exposure to environmental,
social, and governance (ESG) credit factors as broadly in line with
our benchmark for the sector. Primarily due to the diversity of the
assets within CLOs, the exposure to environmental and social credit
factors is viewed as below average, while governance credit factors
are average. For this transaction, the documents prohibit or limit
certain assets from being related to certain activities.
Accordingly, since the exclusion of assets from these activities
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."
Henley CLO XIII DAC is a European cash flow CLO securitization of a
revolving pool, comprising mainly euro-denominated leveraged loans
and bonds. The transaction will be managed by Napier Park CMV LLC.
Ratings
Prelim. Prelim. Balance Credit
Class rating* (mil. EUR) Interest rate§ enhancement (%)
A-1 AAA (sf) 244.00 Three/six-month EURIBOR 39.00
plus 1.33%
A-2 AAA (sf) 5.00 Three/six-month EURIBOR 37.75
plus 1.68%
B AA (sf) 41.30 Three/six-month EURIBOR 27.43
plus 1.90%
C A (sf) 25.70 Three/six-month EURIBOR 21.00
plus 2.30%
D BBB- (sf) 28.00 Three/six-month EURIBOR 14.00
plus 3.15%
E BB- (sf) 19.00 Three/six-month EURIBOR 9.25
plus 5.70%
F B- (sf) 11.00 Three/six-month EURIBOR 6.50
plus 8.42%
Sub notes NR 30.90 N/A N/A
*The preliminary ratings assigned to the class A-1, A-2, and B
notes address timely interest and ultimate principal payments. The
preliminary 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.
OCP EURO 2019-3: Moody's Affirms B3 Rating on EUR11.25MM F Notes
----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by OCP Euro CLO 2019-3 Designated Activity Company:
EUR26,400,000 Class B-1 Senior Secured Floating Rate Notes due
2033, Upgraded to Aaa (sf); previously on Apr 20, 2021 Assigned Aa2
(sf)
EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2033,
Upgraded to Aaa (sf); previously on Apr 20, 2021 Assigned Aa2 (sf)
EUR25,100,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2033, Upgraded to Aa3 (sf); previously on Apr 20, 2021
Assigned A2 (sf)
EUR32,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2033, Upgraded to Baa2 (sf); previously on Apr 20, 2021
Assigned Baa3 (sf)
Moody's have also affirmed the ratings on the following notes:
EUR266,000,000 Class A Senior Secured Floating Rate Notes due
2033, Affirmed Aaa (sf); previously on Apr 20, 2021 Assigned Aaa
(sf)
EUR24,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2033, Affirmed Ba3 (sf); previously on Apr 20, 2021
Assigned Ba3 (sf)
EUR11,250,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2033, Affirmed B3 (sf); previously on Apr 20, 2021
Assigned B3 (sf)
OCP Euro CLO 2019-3 Designated Activity Company, issued in May 2019
and reset in April 2021, is a collateralised loan obligation (CLO)
backed by a portfolio of mostly high-yield senior secured European
loans. The portfolio is managed by Onex Credit Partners Europe LLP.
The transaction's reinvestment period ended in July 2025.
RATINGS RATIONALE
The rating upgrades on the Class B-1, B-2, C and D notes are
primarily a result of the benefit of the transaction having reached
the end of the reinvestment period in July 2025.
The affirmations on the ratings on the Class A, E and F notes are
primarily a result of the expected losses on the notes remaining
consistent with their current rating levels, after taking into
account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralisation ratios.
In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements.
The key model inputs Moody's uses in Moody's analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on Moody's published methodologies
and could differ from the trustee's reported numbers.
In Moody's base case, Moody's used the following assumptions:
Performing par and principal proceeds balance: EUR424.3 million
Defaulted Securities: EUR0.5 million
Diversity Score: 62
Weighted Average Rating Factor (WARF): 2770
Weighted Average Life (WAL): 4.2 years
Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.7%
Weighted Average Coupon (WAC): 2.8%
Weighted Average Recovery Rate (WARR): 43.9%
Par haircut in OC tests and interest diversion test: 0%
The default probability derives from the credit quality of the
collateral pool and Moody's expectations of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into Moody's cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.
Moody's note that the August 2025 trustee report was published at
the time Moody's were completing Moody's analysis of the July 2025
data. Key portfolio metrics such as WARF, diversity score, weighted
average spread and life, and OC ratios exhibit little or no change
between these dates.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
May 2024.
Counterparty Exposure:
The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Structured Finance Counterparty Risks" published in
May 2025. Moody's concluded the ratings of the notes are not
constrained by these risks.
Factors that would lead to an upgrade or downgrade of the ratings:
The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'/debt's
performance.
Additional uncertainty about performance is due to the following:
-- Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.
-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
Moody's other analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
SCULPTOR EUROPEAN I: Moody's Affirms B3 Rating on EUR14MM F-R Notes
-------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Sculptor European CLO I DAC:
EUR38,000,000 Class B-R Senior Secured Floating Rate Notes due
2034, Upgraded to Aaa (sf); previously on Apr 9, 2021 Definitive
Rating Assigned Aa2 (sf)
EUR28,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2034, Upgraded to A1 (sf); previously on Apr 9, 2021
Definitive Rating Assigned A2 (sf)
EUR25,600,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2034, Upgraded to Baa2 (sf); previously on Apr 9, 2021
Definitive Rating Assigned Baa3 (sf)
Moody's have also affirmed the ratings on the following notes:
EUR246,000,000 Class A-R Senior Secured Floating Rate Notes due
2034, Affirmed Aaa (sf); previously on Apr 9, 2021 Definitive
Rating Assigned Aaa (sf)
EUR19,600,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Ba3 (sf); previously on Apr 9, 2021
Definitive Rating Assigned Ba3 (sf)
EUR14,000,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed B3 (sf); previously on Apr 9, 2021
Definitive Rating Assigned B3 (sf)
Sculptor European CLO I DAC, issued in December 2016, and
refinanced in September 2019 and April 2021, is a collateralised
loan obligation (CLO) backed by a portfolio of mostly high-yield
senior secured European loans. The portfolio is managed by Sculptor
Europe Loan Management Limited. The transaction's reinvestment
period ended in July 2025.
RATINGS RATIONALE
The rating upgrades on the Class B-R, Class C-R and Class D-R notes
are primarily a result of the transaction having reached the end of
the reinvestment period in July 2025.
The affirmations on the ratings on the Class A-R, Class E-R and
Class F-R notes are primarily a result of the expected losses on
the notes remaining consistent with their current rating levels,
after taking into account the CLO's latest portfolio, its relevant
structural features and its actual over-collateralisation ratios.
In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements.
Key model inputs:
The key model inputs Moody's uses in Moody's analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.
In its base case, Moody's used the following assumptions:
Performing par and principal proceeds balance: EUR392.7m
Defaulted Securities: EUR5.3m
Diversity Score: 57
Weighted Average Rating Factor (WARF): 2891
Weighted Average Life (WAL): 4.19 years
Weighted Average Spread (WAS) (before accounting for reference rate
floors): 3.73%
Weighted Average Recovery Rate (WARR): 44.15%
Par haircut in OC tests and interest diversion test: none
The default probability derives from the credit quality of the
collateral pool and Moody's expectations of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.
Methodology Underlying the Rating Action:
The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
May 2024.
Counterparty Exposure:
The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Structured Finance Counterparty Risks" published in
May 2025. Moody's concluded the ratings of the notes are not
constrained by these risks.
Factors that would lead to an upgrade or downgrade of the ratings:
The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.
Additional uncertainty about performance is due to the following:
-- Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.
-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.
In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
Moody's other analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.
===========================
U N I T E D K I N G D O M
===========================
EDGE FINCO: Moody's Affirms 'B2' CFR, Alters Outlook to Positive
----------------------------------------------------------------
Moody's Ratings has changed to positive from stable the outlook on
Edge Finco Plc (Evri) and affirmed its B2 corporate family rating
and B2-PD probability of default rating. Concurrently, Moody's have
affirmed the B2 instrument ratings of Evri's EUR805 million backed
senior secured Term Loan B1 (TLB), GBP725 million backed senior
secured notes and GBP300 million senior secured revolving credit
facility (RCF) due in 2031.
RATINGS RATIONALE
The action reflects Evri's strong operating and financial results
in the financial year that ended March 01, 2025 (financial 2025),
with a significant reduction in leverage from its starting levels.
Moody's expects the company to maintain its growth momentum in
revenue and profitability, driving further improvement in its
credit metrics over the next 12-18 months. The acquisition of DHL
eCommerce UK (DHL eCommerce) could result in additional positive
rating pressure, provided Evri successfully integrates this
business achieving expected synergies. Limited disclosures amid the
ongoing regulatory review do not allow us to factor this
acquisition in Moody's baseline scenario.
In financial 2025, Evri increased its revenue by 12%
year-over-year, continuing a double-digit growth resumed in
financial 2024 after periods disrupted by the cost-of-living crisis
in the United Kingdom (UK, Aa3 stable). This result was driven
mainly by parcel volume, that reached 807 million in financial 2025
compared with around 730 million a year earlier, while revenue per
parcel remained largely unchanged at around GBP2.3/pcs. The company
benefitted from the ongoing growth of the international inbound
segment and the expansion of the SME segment, as part of its
strategy.
Higher revenue and improved profitability, supported by cost
optimisation and operating leverage, translated into
Moody's-adjusted EBITDA of GBP331 million in financial 2025,
compared with GBP275 million in financial 2024. As a result, Evri's
leverage decreased to 5.4x Moody's-adjusted debt/EBITDA as of March
01, 2025 from the starting pro forma leverage of 6.2x as of June
01, 2025.
Under Moody's baseline scenario, Moody's expects Evri to maintain
low double-digit revenue growth in financial 2026, slowing to
mid-single-digit in financial 2027, following intensified market
competition after recent market developments, including the
acquisition of Royal Mail Group Limited by EP Group and the
takeover of Yodel by InPost S.A. (Ba2 positive). Moody's expects
continuous revenue growth and realised cost savings will drive
EBITDA to GBP383 million in financial 2026 and GBP440 million in
financial 2027, after taking into account transformation costs,
which Moody's views as recurring. Rising EBITDA will translate into
leverage of 4.7x as of financial 2026 year-end and 4.1x as of
financial 2027 year-end, while (EBITDA-CAPEX)/interest expense will
improve to 1.5x and 1.9x respectively from 1.1x as of March 01,
2025. Moody's also expects Evri's free cash flow (FCF)/debt to turn
positive and increase towards 5% as of financial 2026 year-end in
absence of one-off transaction-related expenses.
In May 2025, Evri announced the acquisition of DHL eCommerce from
Deutsche Post AG (DHL, A2 stable). The undisclosed consideration
will be settled in Evri's shares and Moody's expects it will not
increase the company's leverage. The acquisition will be
transformative for Evri, providing access to DHL eCommerce's
premium B2C delivery operations and new B2B business segments,
although it introduces implementation risks. The transaction is
currently being reviewed by the UK's Competition and Market
Authority, which will release its initial decision in September
2025.
Evri's B2 CFR reflects the company's (1) position as the
second-largest e-commerce parcel delivery service in the UK,
excluding B2B and Amazon.com, Inc. (A1 positive) captive volumes;
(2) flexible and efficient business model, underpinning price
leadership and a competitive service proposition; (3) track record
of organic parcel volume growth, although Moody's expects it to
slow down as market competition intensifies; (4) large and stable
client base, but with some concentration; (5) opportunities for
inorganic growth, including the transformative acquisition of DHL
eCommerce, although with inherent integration risks; and (6) good
liquidity, supported by positive FCF over the next 12-18 months.
The rating also factors in (1) Evri's geographical concentration in
the UK, where it generates nearly all its revenue; (2) its exposure
to the cyclical fashion sector; (3) the highly competitive parcel
market environment in the UK that limits the company's pricing
flexibility; (4) regulatory risks stemming from Evri's exposure to
imported low-cost goods from China (A1 negative), although Moody's
estimates the impact of potential policy changes to be moderate;
(5) the company's high Moody's-adjusted leverage of 5.4x
debt/EBITDA as of March 01, 2025, which Moody's expects to decrease
over the next 12-18 months; and (6) its short track record of
operations under the current ownership.
LIQUIDITY
Evri has good liquidity. As of March 01, 2025, it comprised around
GBP43 million in cash and equivalents, an undrawn committed RCF of
GBP300 million, an available invoice factoring facility of GBP44
million, and operating cash flow of more than GBP300 million, that
Moody's expects Evri to generate over the next 18 months. Moody's
estimates these sources will be sufficient to comfortably cover the
company's capital spending of more than GBP210 million, which
includes lease principal payments, and a consideration of around
GBP8 million for the Coll-8 acquisition. Moody's do not expect any
significant dividend payouts.
Evri has no debt maturities until September 2027, when its
factoring facility is due. The company's other debt, including the
RCF, matures in 2031. The RCF is subject to a springing leverage
covenant, which activates at 40% utilisation. Moody's do not expect
this covenant to be tested over the next 18 months.
STRUCTURAL CONSIDERATIONS
Evri's PDR of B2-PD is at the same level as the company's CFR,
reflecting the expected recovery rate of 50%, which Moody's
typically assume for a capital structure that consists of a mix of
bank credit facilities and bond debt. The B2 ratings on the TLB and
pari passu-ranking RCF as well as the backed senior secured notes,
are in line with the CFR, which reflects the first-lien-only
capital structure.
RATING OUTLOOK
The positive outlook reflects Moody's expectations that Evri will
continue to reduce its leverage on the back of strong revenue
growth and improvements in profitability, resulting from operating
leverage and the implementation of its transformation programme.
Moody's also expects that the company will not pursue any major
debt-funded acquisitions or shareholder distributions. Moody's
could change the outlook to stable if a significant weakening in
Evri's operating and financial performance hinders its leverage
reduction prospects, or if liquidity deteriorates substantially.
The outlook could also be changed to stable if Moody's expects the
integration of DHL eCommerce weakens Evri's credit metrics.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade Evri's rating if the company maintains its
track-record of robust organic growth; reduces debt/EBITDA to 5.0x
or below; increases interest coverage, with (EBITDA-CAPEX)/interest
expense exceeding 2.0x; and improves FCF/debt to above 5% on a
sustainable basis (all metrics are Moody's-adjusted), while
pursuing a prudent financial policy focused on leverage reduction
and maintaining robust liquidity. An upgrade would also be subject
to Evri's progress in integrating DHL eCommerce and achieving
expected synergies, provided the acquisition is completed.
Given the positive outlook, a downgrade is unlikely over the next
12-18 months. Moody's could downgrade Evri's rating if volume or
revenue growth deteriorates significantly, putting pressure on the
company's profitability; debt/EBITDA increases towards 6.25x on a
sustained basis; and FCF turns negative (all metrics are
Moody's-adjusted).
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Surface
Transportation and Logistics published in April 2025.
The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.
COMPANY PROFILE
Evri is the second-largest e-commerce parcel delivery service in
the UK by volume. The company mainly operates in the B2C segment
and handles international deliveries. It also has a limited
presence in C2C deliveries and fulfilment services. Evri works with
around 28,000 self-employed couriers and has one of the UK's
largest out-of-home (OOH) networks, with around 10,000 locations.
In August 2024, Apollo Global Management, Inc. (A2 stable) acquired
Evri from Advent International. In financial 2025, Evri delivered
807 million parcels, generating GBP1.85 billion in revenue and
GBP332 million in Moody's-adjusted EBITDA.
MARTINS CHOCOLATIER: Opus Restructuring Named as Administrators
---------------------------------------------------------------
Martins Chocolatier Limited, trading as Martins Chocolatier, was
placed into administration proceedings in the High Court of Justice
No 005408 of 2025, and Louise Williams and Luke Brough of Opus
Restructuring LLP, were appointed as joint administrators on Aug.
12, 2025.
Martins Chocolatier is a manufacturer of cocoa and chocolate
confectionery.
Its registered office is at Cawley House, 149-155 Canal Street,
Nottingham, Nottinghamshire, NG1 7HR.
Its principal trading address is at Unit B, Freeth Street,
Nottingham, NG2 3GT.
The joint administrators can be reached at:
Louise Williams
Luke Brough
Opus Restructuring LLP
Bridgford Business Centre
29 Bridgford Centre
West Bridgford, Nottingham
NG2 6AU
Further details contact:
Precious Bakare
Tel No: 0115 666 8230
Email: Nottingham@opusllp.com
MITCHELLS HOLDING: Creditors Have Until Sept 11 to File Claims
--------------------------------------------------------------
Creditors of Mitchells Holding Limited must send their full names
and addresses (and those of their Solicitors, if any), together
with full particulars of their debts or claims to the Joint
Administrators at 6th Floor, 9 Appold Street, London, EC2A 2AP by
September 11, 2025.
If so required by notice from the Joint Administrators, either
personally or by their Solicitors, Creditors must come in and prove
their debts at such time and place as shall be specified in such
notice. If they default in providing such proof, they will be
excluded from the benefit of any distribution made before such
debts are proved.
Mitchells Holding was placed into administration proceedings in the
High Court of Justice - Business and Property Courts of England and
Wales, Insolvency and Companies List No 4065 of 2025, and Ian
Robert and Brian Baker of Moore Kingston Smith & Partners LLP, were
appointed as administrators on Aug. 11, 2025.
Its registered office is at 1 Park Road, Hampton Wick, Kingston
Upon Thames, KT1 4AS, and its principal trading address is at
Bridgeham Grange, Broadbridge Lane, Smallfield, HR6 9RD.
The joint administrators can be reached at:
Ian Robert
Brian Baker
Moore Kingston Smith & Partners LLP
6th Floor, 9 Appold Street
London, EC2A 2AP
Further details contact:
Charlie Moss
Tel No: 020 7566 4020
Email: Cmoss@mks.co.uk
MOUNT ST MARY'S: BDO LLP Named as Joint Administrators
------------------------------------------------------
Mount St Mary's was placed into administration proceedings in the
High Court of Justice, Business and Property Courts of England and
Wales in London Court Number: CR-2025-005508, and Danny Dartnaill
and Mark Thornton of BDO LLP, were appointed as joint
administrators on Aug. 11, 2025.
Mount St Mary's specialized in general secondary education.
Its registered office is at Mount St Marys College, Spinkhill,
Sheffield, South Yorkshire, S21 3YL to be changed to C/O BDO LLP, 5
Temple Square, Temple Street, Liverpool, L2 5RH.
The joint administrators can be reached at:
Danny Dartnaill
BDO LLP
Thames Tower, Level 12
Station Road, Reading
RG1 1LX
-- and --
Mark Thornton
BDO LLP
Central Square, 29 Wellington Street
Leeds, LS1 4DL
For further details contact
Abby Lalor
Tel No: +44 (0)151 237 2526
Email: BRCMTNorthandScotland@bdo.co.uk
OWN PROJECTS: Opus Restructuring Named as Administrators
--------------------------------------------------------
Own Projects 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-2025-005476, and Anthony Davidson and Mark Siddall of Opus
Restructuring LLP, were appointed as administrators on Aug. 8,
2024.
Own Projects specialized in the construction of commercial
buildings, construction of domestic buildings, and specialised
design activities.
Its registered office and principal trading address is at Unit 2.15
Barley Mow Centre, 10 Barley Mow Passage, London, W4 4PH.
The joint administrators can be reached at:
Anthony Davidson
Mark Siddall
Opus Restructuring LLP
322 High Holborn
London, WC1V 7PB
Further details contact:
Theo Skipper
Tel No: 01908 752994
Email: theo.skipper@opusllp.com
RALPH & RUSSO: Begbies Traynor Named as Replacement Administrators
------------------------------------------------------------------
Paul Appleton and Adam Shama of Begbies Traynor (London) LLP were
appointed replacement administrators on Aug. 6, 2025, of Ralph &
Russo Ventures Limited.
Ralph & Russo Ventures, which specializes in manufacturing -
Textiles and Clothing, entered administration proceedings in the
High Court of Justice, the Business & Property Courts of England &
Wales Court Number: CR-2025-004496 on April 14, 2025 with Matthew
Haw and Gordon Thomson both of RSM UK Restructuring Advisory LLP
appointed as Joint Administrators.
Ralph & Russo's registered office is at 25, Farringdon Street,
London, EC4A 4AB.
Its principal trading address is at 48-49 Princes Place, London,
W11 4QA.
The replacement joint administrators can be reached at:
Paul Appleton
Adam Shama
Begbies Traynor (London) LLP
31st Floor, 40 Bank Street,
London, E14 5NR
Any person who requires further information may contact
Conor Melly
Begbies Traynor (London) LLP
E-mail: as-team@btguk.com
Telephone: 020 7400 7900
SLEEP HAVEN: Opus Restructuring Named as Administrators
-------------------------------------------------------
The Sleep Haven Limited, trading as The Sleep Haven, 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-2025-005419, and Mark
Nicholas Ranson and Adrian Paul Dante of Opus Restructuring LLP,
were appointed as administrators on Aug. 7, 2025.
The Sleep Haven Limited specialized in the retail of furniture,
lighting, and similar (not musical instruments or scores) in a
specialized store.
Its principal trading address is at Castleford Showroom, Junction
32 Shopping Outlet, Tomahawk Trail, Castleford, WF10 4FF;
Warrington Showroom, Riverside Retail Park, Wharf Street,
Warrington, WA1 2GZ; Oswaldtwistle Mill Showroom, Collier Street,
Oswaldtwistle, BB5 3DE; Broadstone Mill Showroom, Broadstone Road,
Reddish, Stockport, SK5 7DL.
The joint administrators can be reached at:
Mark Nicholas Ranson
Opus Restructuring LLP
Fourth Floor, One Park Row Leeds
West Yorkshire, LS1 5HN
-- and --
Adrian Paul Dante
Opus Restructuring LLP
First Floor, Milwood House
36B Albion Place, Maidstone, Kent, ME14 5DZ
Contact details for Administrators:
Tel: 0161 383 8415
Email: thesleephaven@opusllp.com
Alternative contact: Dale Taylor
SPHERE BIO: Forvis Mazars Named as Joint Administrators
-------------------------------------------------------
Sphere Bio 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-2025-005407, Guy Robert Thomas Hollander and Adam Harris of
Forvis Mazars LLP, were appointed as joint administrators on Aug.
7, 2025.
Sphere Bio Limited, fka Sphere Fluidics Limited, specialized in
research and experimental development on natural sciences and
engineering.
Its registered office and principal trading address is at 6One
Granta Centre, Granta Park, Great Abington, Cambridge, CB21 6AL.
The joint administrators can be reached at:
Guy Robert Thomas Hollander
Adam Harris
Forvis Mazars LLP
30 Old Bailey, London
EC4M 7AU
For further details contact:
Joint Administrators
Telephone: 0116 281 6583
Alternative contact: Ben Whitehouse
W. HARRISON & SONS: Begbies Traynor Named as Administrators
-----------------------------------------------------------
W. Harrison & Sons (Carriers) Limited was placed into
administration proceedings in the High Court of Justice, Business
and Property Courts in Birmingham Insolvency and Companies List
(ChD) Court Number: CR-2025-BHM-000410, and Julie Anne Palmer and
Andrew Hook of Begbies Traynor (Central) LLP, were appointed as
administrators on Aug. 12, 2025.
W. Harrison & Sons (Carriers), trading as Express Parcel Services,
specialized in the operation of warehousing and storage facilities
for land transport activities.
Its registered office is at Group Distribution Depot, Grimshaw
Lane, Middleton, Manchester, M24 2AA.
The administrators can be reached at:
Julie Anne Palmer
Andrew Hook
Begbies Traynor (Central) LLP
Units 1-3 Hilltop Business Park
Devizes Road, Salisbury, Wiltshire
SP3 4UF
Any person who requires further information may contact:
Ryan Cullinane
Begbies Traynor (Central) LLP
E-mail: ryan.cullinane@btguk.com
Telephone: 01722 435190
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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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