DC Group, acquired by social housing firm in 2006, closed down after court hearing yesterday

A subsidiary of Kinetics, the social housing firm, has been wound up after a court petition by HM Revnue & Customs.

The Royal Courts of Justice confirmed that DC Group, a subsidiary of the firm, had been wound up following a court hearing yesterday morning.

DC Group, a 拢30m turnover social housing and repair company bought for 拢15m in 2006, had a winding up petition lodged against it by HMRC on 26 May.

拢120m turnover Kinetics has bought up 19 different firms since it was formed in 2006 with the backing of venture capital firm Sovereign.

Chief executive Chris Cheshire was given a war chest of 拢50m to go out and buy up firms when Kinetics was formed.

Another winding up petition for Seaflame, a subsidiary of DC Group, was suspended after a hearing at the same time at the Court yesterday morning.

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