UK administrations update: April 9 – 15

Since our last update, the following businesses have been confirmed as having fallen into administration. All dates indicate when the administration was announced and not necessarily the dates on which administrators were appointed.

Roc Search Limited – April 9
Roc Search Limited, a Reading-based recruitment firm operating in the tech and engineering sectors, fell into administration in early April, with Benjamin Jones and Rajnesh Mittal of FRP Advisory appointed as joint administrators.

In its latest accounts, for the year to December 31 2022, the company reported turnover of £45.2 million, up from £31.6 million a year earlier, and generated post-tax profits of around £1.7 million, up from approximately £277,000 in 2021.

At the time, its fixed assets were valued at £351,562 and current assets at £9.7 million, with net assets amounting to £1.2 million.

Amp 75 Limited – April 9
Amp 75 Limited, a London-based recruitment company, fell into administration earlier this month, appointing Vincent Simmon of BV Corporate Recovery & Insolvency Services as administrator.

In accounts for the year to June 27 2023, the company reported turnover of £7.4 million, down from close to £9 million a year earlier, while its post-tax profits fell from approximately £573,000 to slightly over £170,000.

At that point, its fixed assets were valued at £1.1 million and current assets at nearly £4.3 million, with net assets totalling around £751,000.

Boardlink Limited – April 9
Boardlink Limited, a Flintshire-based manufacturer of products including carton board sheeting, board lamination, paper plates and ready meal trays, fell into administration earlier this month, with Rick Harrison and James Clark of Interpath Advisory appointed as joint administrators.

The company reportedly fell into administration as a result of a supplier abruptly cutting a contract, leaving directors unable to find an alternative supplier to support a business of its size in time. The company was forced to cease trading and appoint administrators.

Rick Harrison commented: “The administration of Boardlink has come as a tremendous shock to everyone at the company. It had long been a proud and thriving family business, but through no fault of its own, had the rug pulled out from under it. We’re now seeking offers for the business and we encourage any interested parties to come forward as quickly as possible.”

The administrators are urgently seeking offers for the business, which was profitable and trading well prior to entering administration.

In accounts for the year to December 31 2023, the company reported turnover of £14.4 million, down slightly from £14.6 million a year earlier, while post-tax profits dipped from around £721,000 in 2022 to approximately £523,000.
At the time, the firm’s fixed assets were valued at close to £3 million and current assets at £4.4 million, with net assets totalling £4.3 million.

Subscan UDS Limited – April 10
Subscan UDS Limited, a drainage, surveying and engineering services firm based in Leeds, fell into administration earlier this month, with Kelly Burton and Joseph Fox of FRP Advisory appointed as joint administrators.

In the company’s latest accounts, for the period from August 1 2023 to January 31 2024, it reported turnover of £5.5 million, compared to £14.4 million in its previous accounts covering February 1 2022 to July 31 2023, while its post-tax profit stood at around £937,000.

Its fixed assets, at the time, were valued at £4.8 million and current assets at around £3 million, with net assets standing at slightly over £937,000.

Jones Food Company Limited – April 10
Jones Food Company Limited, a vertical farming business based in Lydney, fell into administration last week, with Damian Webb and Stephanie Sutton of RSM UK Restructuring appointed as joint administrators.

The company, which was backed and majority-owned by online grocer Ocado Group, had reportedly failed to achieve commercial sustainability. However, administrators say they believe a buyer may be able to build on the company’s investments and proprietary technology.

In accounts for the year ending April 30 2023, the company’s fixed assets were valued at £22.7 million and current assets at around £5.1 million, with net assets totalling £21.3 million.

Winfield’s Limited – April 11
Winfield’s Limited, an outdoor clothing retailer based in Haslingden and trading as Winfields Outdoors, fell into administration at the beginning of April, with Craig Johns and Jason Elliott of Cowgills appointed as joint administrators.

Despite the administration and the closure of several shops, the company’s headquarters and flagship store near Haslingden will remain open, along with the company’s online operations.

In accounts for the year to January 31 2023, the company reported turnover of £18 million, down from £19.8 million a year earlier, and fell to a pre-tax loss of £1.3 million, compared to a profit of slightly over £1 million a year earlier.
At the time, its fixed assets were valued at £463,352 and current assets at £9.4 million, with total equity amounting to £4 million.

Sekura Mobile Intelligence Limited – April 14
Sekura Mobile Intelligence Limited, a mobile data solutions firm based in Norwich, fell into administration at the start of April, with Avner Radomsky and Charlotte Jobling of RG Insolvency appointed as joint administrators.

In accounts for the year to July 31 2023, the firm’s fixed assets were valued at around £907,000 and current assets at £1.5 million, with net assets amounting to approximately £652,000.

Aspers UK Holdings Limited & subsidiaries – April 14
Aspers UK Holdings Limited, the holding company behind The Casino MK casino in Milton Keynes, fell into administration last week, along with subsidiaries Aspers Group Limited, Aspers (Milton Keynes) Limited and Aspers Finance Limited.

Andrew Johnson, Matthew Callaghan and Shamil Malde of FTI Consulting were appointed as joint administrators of all three companies. The casino, which also housed a restaurant, has been closed until further notice, with the administrators exploring a potential sale.

In accounts for the year to June 30 2023, the group reported turnover of £61 million, down from £64.6 million a year earlier, but fell to a post-tax loss of £8.4 million. According to directors, the group’s trading revenues fell during the year as a result of reduced consumer spend amid the cost-of-living crisis.

At the time, its fixed assets were valued at around £19.4 million and current assets at £7.5 million, but net liabilities amounted to approximately £33.5 million.

The Guitar, Amp & Keyboard Centre Limited & GAK.co.uk Limited – April 15
The Guitar, Amp & Keyboard Centre Limited, a music retailer based in East Sussex, and its online operation GAK.co.uk Limited, fell into administration last week, with Philip Armstrong and Daniel Conway of FRP Advisory appointed as joint administrators of both companies.

The administration comes shortly after the well-known retailer abruptly closed its stores and pulled its website.
In accounts for the year to September 30 2023, The Guitar, Amp & Keyboard Centre Limited reported turnover of around £21.4 million, down slightly from £23.1 million a year earlier, and post-tax profits of around £9,000.

At the time, its fixed assets were valued at close to £29,000 and current assets at £5.2 million, total equity amounting to £2.1 million. GAK.co.uk Limited, meanwhile, had fixed assets of £1.2 million and current assets of around £732,000, with net assets standing at roughly £720,000.


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