UK administrations update: April 9 – 16

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.

Pennine Distribution and Training Limited – April 9
Pennine Distribution and Training Limited, a haulier and HGV and LGV competence training provider based in Rochdale, fell into administration earlier this month, appointing Neil Henry of Lines Henry Limited as administrator.

In the company’s financial statement for the year to July 31 2022, its fixed assets were valued at £443,521 and current assets at £585,771, with net assets amounting to £247,656.

Versa Accountants Limited – April 10
Versa Accountants Limited, an accountancy firm based in Upminster, fell into administration during the first week of April, with Richard Rones of ThorntonRones appointed as administrator.

In the firm’s accounts for the year to April 30 2023, its fixed assets were valued at £503,092 and current assets at £1.4 million. At the time, its net assets totalled slightly under £90,000.

Read about M&A trends in the accountancy sector

Tailify Software Limited – April 10
Tailify Software Limited, which trades as Trudy, is an influencer marketing software firm based in London. The company fell into administration earlier this month, appointing Stewart Goldsmith and Carl Faulds of Leonard Curtis as joint administrators.

In the company’s accounts for the year to December 31 2022, its fixed assets were valued at £2.4 million and current assets at £3.2 million. At the time, its net assets amounted to slightly over £2 million.

K Two Sales Limited – April 11
K Two Sales Limited, a designer and manufacturer of muck spreaders, trailers and farming machinery based in Buckinghamshire, fell into administration in late March. The Gazette subsequently confirmed the appointment of Philip Watkins and Philip Armstrong of FRP Advisory as joint administrators on April 11.

According to customers of the company, quoted in industry publication Farmers Guide, the company had struggled as a result of rising interest rates and falling farm subsidy incomes, with farm machinery manufacturers said to be facing a “perfect storm” of headwinds.

In the company’s most recent accounts at Companies House, for the year to December 31 2022, directors said that the business faced several significant risks, including fragile demand from the agricultural industry, rising raw materials and components costs, wage inflation, steel shortages and supply chain disruption.

At the time, the firm’s turnover stood at just under £11 million, up from £9.8 million a year earlier, while it recovered from a pre-tax loss of £524,805 in 2021 to a pre-tax profit of close to £196,000. The company’s net assets were valued at £3.1 million.

Read about the trends that could shape manufacturing M&A this year

Architectural Glass and Aluminium Limited – April 11
Architectural Glass and Aluminium Limited (ARGLA), a specialist in designing, manufacturing and installing architectural glass and aluminium based in County Durham, fell into administration earlier this month, appointing Gareth Harris and Lee Lockwood of RSM UK as joint administrators.

The company, which primarily worked for commercial clients, had suffered losses on a major contract and was also involved in an ongoing legal dispute with a major contractor. The firm incurred a large working capital requirement as a result and was unable to secure additional financial support, leading to the appointment of administrators.

In ARGLA’s accounts for the period from June 1 2021 to September 30 2022, its fixed assets were valued at £335,336 and current assets at £936,290, with net assets amounting to £7,410, compared to net liabilities of nearly £940,000 in its previous accounting period.

Find out more about ARGLA’s administration

Disciple Media Limited – April 11
Disciple Media Limited, a media platform headquartered in London, fell into administration earlier this month, appointing Nick Wilson and Philip Stephenson of Grant Thornton as joint administrators.

In the company’s accounts for the year ending December 31 2022, its turnover stood at slightly over £3 million, up from £2.26 million a year earlier, but fell to an operating loss of £2.8 million for a second consecutive year. At the time, its net liabilities amounted to £3.5 million.

Botanical Water Technologies Limited – April 12
Botanical Water Technologies Limited, a company that sources sustainable drinking water harvested from plants, fell into administration in early April, appointing Stephen Cork and Mark Smith of Cork Gully as joint administrators. In its accounts for the year to February 28 2022, the firm’s net assets were valued at £4.38 million.

3ace International Limited – April 12
3ace International Limited, a group engaged in the wholesale of telecommunications services, fell into administration earlier this month, appointing Avner Radomsky and Michael Goldstein of RG Insolvency as joint administrators.

In the company’s accounts for the year to December 31 2022, its turnover stood at £21.5 million, up from around £16.7 million a year earlier, while it generated pre-tax profits of £1.8 million, up from £1 million in 2021. At the time, its net assets were valued at £2.46 million.

Further Space Limited – April 12
Further Space Limited, a Belfast-based provider of glamping accommodation, fell into administration last week, with Stuart Irwin and Ian Leonard of Interpath Advisory appointed as joint administrators.

In the company’s balance sheet for the year to March 31 2023, its fixed assets were valued at slightly over £3 million and current assets at around £1.9 million. Net assets at the time amounted to £1.87 million.

S.H. Structures Limited – April 15
S.H. Structures Limited, a steel fabrication specialist based in North Yorkshire, fell into administration earlier this month after filing a notice of intention (NOI) to appoint administrators in late March. Andrew Mackenzie and Louise Longley of Begbies Traynor were appointed as joint administrators.

The company had reportedly struggled as a result of several lossmaking contracts and a gap in production scheduling following project delays. It was reported to have been seeking a buyer, but was unable to secure a sale.

In the company’s most recent accounts at Companies House, for the year to February 28 2022, its fixed assets were valued at slightly over £228,016 and current assets at around £3.4 million. At the time, the firm’s net assets amounted to £347,799.

Find out more about S.H. Structures Limited’s collapse

Elite Associates Europe Limited – April 15
Elite Associates Europe Limited, a recruitment and consultancy firm based in London, fell into administration during the first week of April, appointing Asher Miller and Stephen Katz of Begbies Traynor as joint administrators.

In the company’s accounts for the year ending December 31 2022, its total assets were valued at around £2.4 million, but its net liabilities totalled more than £873,000.

Proma Construction Management Limited – April 16
Proma Construction Management Limited, a construction firm based in East Yorkshire, fell into administration earlier this month, appointing Paul Stanley and Jason Greenhalgh of Begbies Traynor as joint administrators.

In the firm’s accounts for the year to March 31 2023, its fixed assets were valued at slightly over £300,000 and current assets at around £6 million, with net assets amounting to £4.4 million.

Construction is leading a wave of rising UK insolvencies

Utilities Design & Planning Limited – April 16
Utilities Design & Planning Limited, a civil engineering, traffic management and utility services provider based in Salford, fell into liquidation last week, with Stephen Clancy and Steven Muncaster of Kroll Advisory appointed as liquidators.

In the company’s most recent accounts at Companies House, for the year to December 31 2022, it reported turnover of £10.5 million, up from £9.2 million a year earlier, but saw its pre-tax losses increase slightly from just under £1.3 million to close to £1.4 million.

The company also reported an EBITDA loss of £1.1 million, attributing this (as well as its slow revenue growth) to the ongoing impact of COVID-19 on the construction industry, as well as the performance of its traffic management business.

At the time, the company’s fixed assets were valued at £1.2 million and current assets at slightly under £4.9 million, with net assets totalling £3.16 million.


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