IGR TRADING LTD

🌳Matureactive
SC391248 · ltd · incorporated 2011-01-10
Investment thesis
Well-run mature business — low negotiation leverage; premium likely.
Why interesting: Textbook target; clean filings, stable trading.
Why risky: No pressure on seller; any deal likely at full price.
Opportunity decay
hardening · 12-months
Already tight — no obvious softening catalysts on the horizon.
  • · Thesis: well-run, low negotiation leverage
🔒Estimated value
—
Upgrade to see
Turnover
—
year to Mar 2025
Net worth
—
book net assets
Opportunity
79/100
Strong
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What this business does
Primary activity: Hotels and similar accommodation
Sector: Accommodation & food service
Investor take
Pursue
Active trading company with a 74-year-old founder — textbook succession opportunity.

Opportunity 79/100 (strong), bankability 77/100. Strong seller-intent signal (73/100, director aged 74). Share purchase looks the cleaner deal structure. Biggest value-creation lever: Consolidate lender relationships. 4 distinct lenders creates friction — refinance into single-lender structure for cleaner diligence. Most likely exit: share sale to pe / searcher (65/100).

🏦

Refinance opportunity

7 live charges · 4 lenders · oldest 10.6y

35/100
too messy

Refinance path is blocked by complexity. Rethink structure or expect bespoke, expensive terms.

  • · Oldest live charge is 10.6 years old — likely at or near maturity.
  • · 4 lenders named — inter-creditor friction likely.
  • · Legal-friction score 25/100 — workable, but lender will want more DD.

Data confidence

Overall: high (80/100)

Strong data coverage across all sections. AI outputs should be trusted with minimal caveats.

Company profile
address, 1 SIC codes, incorporation date
100
Financials
2 years of iXBRL accounts extracted (YoY deltas available) + narrative notes parsed
75
Lenders & charges
7 charges (7/7 with lender, 7/7 with type)
90
Directors & officers
4 officers (3 active, 4 linked, 4 with DOB)
90
Ownership & PSC
2 active PSC(s) of 2 total, 2 with control declared
90
Director network
2 connected companies via shared directors
51
Filing history
63 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
Opportunity Score
79/100Strong
PassWatchWorth a lookStrongExceptional 

Solid opportunity signal. Worth a dedicated memo and management meeting.

Business quality
70
Active, clean filings, stable charge profile.
Acquirability
80
Strong succession / seller-readiness signals.
Risk profile
77
Few red flags.
Signal strength
100
Good data coverage for analysis.

Key financials

2 years extracted from filed iXBRL accounts
Cash
—
Net Worth
—
Current Assets
—
Current Liabilities
—
£0£0£0£0£0£0Mar 2024Mar 2025

Hover to see exact values · click legend to toggle series

Financials

Extracted from Companies House accounts · FRS 102
Metric2025-03-312024-03-31
Average employees400400

Amounts extracted automatically from iXBRL. Fields left blank were not reported or not mapped. Values in GBP unless stated.

🔒Filing-note intelligence

1 signal detected in this company's narrative notes — going-concern language, audit opinion, contingent liabilities, related-party transactions.

Available from the Pro tier upwards.

See pricing →

Recent activity

Last 30 days
0
filings
Last 90 days
1
filing
  • • 1 confirmation-statement
Last 180 days
2
filings
  • • 1 confirmation-statement
  • • 1 accounts
Counts from Companies House filing history.
Corporate timeline (37 events)Click to expand
  1. 2025-12-03
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  2. 2024-12-24
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  3. 2023-12-14
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  4. 2022-08-30
    📄
    change-to-a-person-with-significant-control
    persons-with-significant-control · PSC04
  5. 2022-08-30
    📄
    change-to-a-person-with-significant-control
    persons-with-significant-control · PSC04
  6. 2022-07-29
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  7. 2021-11-25
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  8. 2021-11-17
    📄
    notification-of-a-person-with-significant-control
    persons-with-significant-control · PSC01
  9. 2021-11-17
    📄
    capital-allotment-shares
    capital · SH01
  10. 2021-11-15
    📄
    capital-allotment-shares
    capital · SH01
  11. 2021-11-15
    📄
    appoint-person-director-company-with-name-date
    officers · AP01
  12. 2021-11-15
    📄
    capital-allotment-shares
    capital · SH01
  13. 2021-01-11
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  14. 2020-04-01
    ➕
    SPENCE, Gary appointed
    director
  15. 2019-12-18
    📄
    accounts-with-accounts-type-micro-entity
    accounts · AA
  16. 2019-09-13
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  17. 2019-09-13
    📄
    mortgage-satisfy-charge-full
    mortgage · MR04
  18. 2019-09-13
    🔓
    Charge satisfied #7
  19. 2019-09-13
    🔓
    Charge satisfied #6
  20. 2018-07-16
    📄
    accounts-with-accounts-type-total-exemption-full
    accounts · AA
  21. 2018-04-05
    🔒
    Charge registered #7
    Lender: Cambridge & Counties Bank Limited
  22. 2018-04-04
    🔓
    Charge satisfied #5
  23. 2018-04-04
    🔓
    Charge satisfied #4
  24. 2018-04-04
    🔓
    Charge satisfied #3
  25. 2018-03-29
    🔒
    Charge registered #6
    Lender: Cambridge & Counties Bank Limited
  26. 2018-03-16
    🔓
    Charge satisfied #2
  27. 2018-03-16
    🔓
    Charge satisfied #1
  28. 2017-03-17
    🔒
    Charge registered #5
    Lender: Lendinvest Security Trustees Limited
  29. 2017-02-28
    🔒
    Charge registered #4
    Lender: Lendinvest Security Trustees Limited
  30. 2015-11-06
    🔒
    Charge registered #3
    Lender: Lanarkshire Mortgage Corporation Limited
  31. 2015-11-06
    🔒
    Charge registered #2
    Lender: Lancashire Mortgage Corporation Limited
  32. 2015-10-15
    🔒
    Charge registered #1
    Lender: Lancashire Mortgage Corporation Limited
  33. 2015-08-11
    ➖
    SPENCE, Gary resigned
    director
  34. 2012-05-14
    ➕
    SPENCE, Rosemary appointed
    director
  35. 2012-05-14
    ➕
    SPENCE, Gary appointed
    director
  36. 2011-01-10
    🏢
    Company incorporated
    As IGR TRADING LTD
  37. 2011-01-10
    ➕
    SPENCE, Ian Grant appointed
    director

Owner dependency

83/100
Critical — business is the founder

The business appears inseparable from the founder. Acquisition without a serious earn-out or meaningful transition period would likely destroy value.

FACTORS
  • +Long-tenure founder: Senior director has been in place 15 years — deep operational knowledge concentrated in one person.
  • +Founder age: Director aged approximately 74 — succession pressure is live.
  • +Family involvement: Multiple officers share a surname — likely family business, which concentrates governance.

Succession & seller-readiness

83/100
Likely off-market candidate

Strong acquirability signals converging. Worth approaching directly — this is how off-market deals start.

SIGNALS
  • primaryFounder aged 70+: Senior director is approximately 74 years old. Natural succession window is now.
  • secondary12+ year tenure: Director in role 15 years.
  • secondaryStable-but-static management: Company is 15 years old and no new directors in the last 3 years — succession not yet being planned internally.
  • supportingClean filings + long tenure: Disciplined long-tenure operator — classic lifestyle-business pattern that often sells quietly.

Red flags

1 med ·
Charge satisfaction-then-recreation pattern
medium

Multiple instances where a charge was satisfied and a new charge created within 6 months. Suggests active refinancing cycle.

Shareholders & ownership

2 active beneficial owners
NameSharesVoting rightsNature of controlNotified
Mr Gary Spence
Individual · British · DOB 08/1977 · age 49
25–50%
—board control25-50% shares · board control11/01/2021
Mr Ian Grant Spence
Individual · British · DOB 10/1952 · age 74
25–50%
25–50%25-50% shares · 25-50% voting06/04/2016

From Companies House Persons with Significant Control filings. Share ranges are banded per the public PSC regime.

🔒Co-director network graph

Radial SVG graph showing every company connected via shared directors, colour-coded by status.

Available from the Pro tier upwards.

See pricing →

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——£200.2k—24y8393y
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——£959.8k—27y8385y
THE LOCH NESS COFFEE COMPANY LIMITED→
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——£174.1k—24y8368y
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Peers ranked by estimated value, then turnover, then opportunity score.See all →
🔒Tailored diligence questions

7 specific questions generated from this company's actual signals — liquidity, leverage, director age, charge count, red flags, age-of-company.

Available from the Pro tier upwards.

See pricing →
🔒Advanced scoring suite

Exit-route ranking, improvement thesis, quiet-distress detector, covenant-pressure proxy, extraction monitor, approaching triggers, ownership drift, local cluster, value trap, debt capacity, archetype classification — 48+ scoring modules.

Available from the Pro tier upwards.

See pricing →

Company details

Statusactive
Typeltd
Incorporated2011-01-10
Jurisdictionscotland
Primary SIC55100 — Hotels and similar accommodation

Registered office

Allandale House
Calcots
By Elgin
Moray
IV30 8ND
United Kingdom

Filing status

Accounts
Next due: 2026-12-31
Last made up to: 2025-03-31
Confirmation statement
Next due: 2027-01-24
Last: 2026-01-10

Officers (3 active · 1 resigned)

SPENCE, Gary→
director · ~49y · appointed 2020-04-01
View their other companies + combined net worth →
Active
SPENCE, Ian Grant→
director · ~74y · appointed 2011-01-10
View their other companies + combined net worth →
Active
SPENCE, Rosemary→
director · ~74y · appointed 2012-05-14
View their other companies + combined net worth →
Active
SPENCE, Gary→
director · ~49y · appointed 2012-05-14 · resigned 2015-08-11
Resigned

Click a director name to see their full track record across all companies.

Mortgages & charges

7
Total charges
0
Outstanding
0
Active lenders
Status:Lender:7 of 7 shown
TypeProperties
satisfied
Cambridge & Counties
Cambridge & Counties Bank Limited
A registered charge1 property05/04/201813/09/2019
satisfied
Cambridge & Counties
Cambridge & Counties Bank Limited
A registered charge4 properties29/03/201813/09/2019
satisfied
LendInvest
Lendinvest Security Trustees Limited
A registered charge1 property17/03/201704/04/2018
satisfied
LendInvest
Lendinvest Security Trustees Limited
A registered charge—28/02/201704/04/2018
satisfied
Lanarkshire Mortgage Corporation
Lanarkshire Mortgage Corporation Limited
A registered charge1 property06/11/201504/04/2018
satisfied
Lancashire Mortgage Corporation
Lancashire Mortgage Corporation Limited
A registered charge1 property06/11/201516/03/2018
satisfied
Lancashire Mortgage Corporation
Lancashire Mortgage Corporation Limited
A registered charge—15/10/201516/03/2018

Recent filings (63 total)

confirmation-statement-with-no-updates
confirmation-statement · CS01
2026-03-10
accounts-with-accounts-type-micro-entity
accounts · AA
2025-12-03
confirmation-statement-with-no-updates
confirmation-statement · CS01
2025-01-20
accounts-with-accounts-type-micro-entity
accounts · AA
2024-12-24
confirmation-statement-with-no-updates
confirmation-statement · CS01
2024-01-29
accounts-with-accounts-type-micro-entity
accounts · AA
2023-12-14
confirmation-statement-with-no-updates
confirmation-statement · CS01
2023-01-23
change-to-a-person-with-significant-control
persons-with-significant-control · PSC04
2022-08-30
change-to-a-person-with-significant-control
persons-with-significant-control · PSC04
2022-08-30
accounts-with-accounts-type-micro-entity
accounts · AA
2022-07-29
confirmation-statement-with-updates
confirmation-statement · CS01
2022-01-17
accounts-with-accounts-type-micro-entity
accounts · AA
2021-11-25
notification-of-a-person-with-significant-control
persons-with-significant-control · PSC01
2021-11-17
capital-allotment-shares
capital · SH01
2021-11-17
capital-allotment-shares
capital · SH01
2021-11-15