Tue, 15 Oct 2024 | ADMINISTRATION
Since our last update, the following businesses have been confirmed as having fallen into administration. All dates indicate when the administration was posted by the Gazette and not necessarily the dates on which administrators were appointed.
Armstrong Teasdale Limited – October 9
Armstrong Teasdale Limited, a law firm with offices in Lincoln’s Inn Fields, fell into administration earlier this month, with Sean Bucknall, Andrew Hosking and Carl Jackson of Quantuma Advisory appointed as joint administrators.
Andrew Hosking and Sean Bucknall were also appointed as joint administrators of Armstrong Teasdale Management Limited. The administration comes after US firm Armstrong Teasdale decided to close its operations in London.
In Armstrong Teasdale Limited’s most recent accounts at Companies House, for the year to December 31 2022, it reported turnover of £10.7 million, up from around £9 million a year earlier, and post-tax profits of £185,801, compared to approximately £91,400 in 2021.
At the time, its fixed assets were valued at around £7 million and current assets at approximately £7.8 million, with net assets amounting to £6.7 million.
PT Hire Limited – October 9
PT Hire Limited, a truck and trailer hire firm based in Derbyshire, fell into administration last week, with Richard Bloomfield, Ian Corfield and Nathan Jones of FRP Advisory appointed as joint administrators.
According to the joint administrators, the company had been impacted by operating challenges following mechanical issues that impacted much of its fleet, which subsequently led to cashflow difficulties that impacted its ability to remain solvent.
In the year to March 31 2023, its current assets were valued at around £1.3 million and fixed assets at around £13.7 million, with net assets standing at £1.2 million.
Find out more about PT Hire’s collapse
Concept Balustrades Limited, Hi-Tec Welding and Fabrication Services Limited & Tony Perry Limited – October 9 - 10
Concept Balustrades Limited, Hi-Tec Welding and Fabrication Services Limited and Tony Perry Limited, three subsidiaries of the MFG Holdings group of bespoke engineering and fabrication companies, fell into administration last week, with Nimesh Patel and Haslib Howlader of Hudson Weir appointed as joint administrators.
Cardiff-based Concept Balustrades Limited is a specialist in bespoke stainless and mild steel balustrades, handrails, balconies and staircases. In the year to October 31 2022, the company’s assets were valued at slightly over £1 million, with total equity standing at around £892,000.
Hi-Tec Welding and Fabrication Services Limited is a Dorset-based designer, fabricator and installer of bespoke architectural metalwork, including staircases, balustrades, balconies, and canopies. In the year to July 31 2023, the company’s assets were valued at around £740,000, with net assets amounting to around £314,000.
Tony Perry Limited is a Great Dunmow-based specialist in the fabrication and installation of bespoke steel products. In the year to January 31 2023, the company’s net assets amounted to approximately £379,000.
Following their appointment, the joint administrators will manage the trading of the three businesses while they are prepared for sale.
A3D2 Limited – October 10
A3D2 Limited, the owner of the Tiger Tiger nightclub chain, fell into administration at the end of September, with Dane O’Hara and Neil Bennett of Leonard Curtis appointed as joint administrators.
In accounts for the period from December 1 2021 to December 31 2022, the company reported turnover of slightly over £13 million, up from £8.6 million in the year to November 30 2021, but fell from an operating profit of around £418,000 to a loss of more than £2 million.
At the time, the company’s fixed assets were valued at around £1.9 million and current assets at approximately £3.2 million, with net assets standing at £1.38 million.
Cedar Park Schools Limited – October 10
Cedar Park Schools Limited, a company that operates a school and day nursery in Buckinghamshire, fell into administration during the first week of October, with Ian Goodhew and Abigail Shearing of Voscap appointed as joint administrators.
In accounts for the year to June 30 2021, the company’s total assets were valued at around £2.65 million, with net assets amounting to slightly over £602,000.
Ridgewall Limited – October 14
Ridgewall Limited, a London-based IT management services business, fell into administration last week, with Jonathan Sumpton and Timothy Vance of Ernst & Young appointed as joint administrators.
Sumpton and Vance were also appointed as joint administrators to Connecting London Limited, QDOS SBL Group Limited, Nomis Connections Limited and Telnet International Limited, which had previously been acquired by Ridgewall and merged with the company to form the Ridgewall Group in 2020.
Amid difficult trading conditions, Ridgewall Limited reported revenue of £6.3 million and an operating loss of £7.2 million in the year to December 31 2022. At the time, its fixed assets were valued at close to £16 million and current assets at around £2.5 million. However, its net liabilities at the time amounted to nearly £17 million.
Mango Solutions Recruitment Limited – October 14
Mango Solutions Recruitment Limited, trading as Mango Recruitment Solutions, is a Romford-based recruitment company serving sectors including construction, catering, logistics, security, medical and facilities management, among others. The company fell into administration earlier this month, appointing Andrew Pear and Michael Solomons of Moorfields as joint administrators.
In the company’s accounts for the year to March 31 2023, its fixed assets were valued at around £196,000 and current assets at approximately £1.1 million. However, debts held by the company at the time meant that its net liabilities amounted to £38,111.
Find out more about the latest developments in recruitment M&A
Elite Fleetcare Limited - October 14
Elite Fleetcare Limited, a fleet services business based in Norwich, fell into administration last week, with Edward Avery-Gee and Nick Brierley of CG & Co appointed as joint administrators.
In accounts for the year to October 31 2022, the company’s fixed assets were valued at around £585,000 and current assets at close to £408,000, with net assets amounting to approximately £134,000 at the time.
Newspaper House (SPV) Limited - October 15
Newspaper House (SPV) Limited, a company engaged in converting and renovating the old Swindon Advertiser newspaper offices into residential and commercial space, fell into administration last week, with Michael Sanders and Georgina Eason of MHA appointed as joint administrators.
In its balance sheet for the year ending June 28 2023, the company’s fixed assets were valued at approximately £10 million and current assets at £122,000. However, its total liabilities exceeded £47,000 at the time.
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