Tue, 13 Aug 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.
Fuel Properties (Norwich) Limited – August 7
Fuel Properties (Norwich) Limited, a real estate development firm based in London, fell into administration last month, with Craig Povey and Gareth Prince of Begbies Traynor appointed as joint administrators.
In the company’s accounts for the year to December 31 2023, the firm’s assets were valued at more than £3 million. However, its significant debts at the time meant that net liabilities amounted to £123,370.
New Engineering Limited – August 7
New Engineering Limited, a Midlands-based engineering firm, fell into administration at the beginning of August, appointing Mike Denny and Mark Firmin of Alvarez & Marsal Europe as joint administrators.
The company operates from sites in Worcester, Derby and Kidderminster, employing around 120 staff across the three locations. The business was formed just last year, following the acquisition out of administration of Neos Superform and Neos Composite Solutions, and as such has not filed accounts at Companies House.
Joint administrator Mike Denny said the company had succumbed to “significant cash pressures [...] exacerbated by project delays, cost inflation and limited availability of trade credit.” He added that the joint administrators would “explore all the available options for the business at pace” and encouraged interested parties to make contact “as soon as possible.”
EV Metals UK Limited – August 8
EV Metals UK Limited, a battery manufacturer with a facility in Billingham fell into administration last week, with Frederick Satow, Paul Davis and Colin Wilson of Opus Restructuring appointed as joint administrators.
The Billingham research centre, plant and laboratories were acquired by Australian group EV Metals Group in 2022 in a £50 million deal for the assets of Johnson Matthey’s Battery Materials business. The Australian owner has now voluntarily placed the business into administration.
The business has reportedly been denied access to the plant since October 2023 due to failures to keep up with rent payments to Johnson Matthey, which remains the landlord of the site.
A statement from the owners said that challenging conditions had made it difficult to implement the growth strategy for the business “within an acceptable timeframe.”
In accounts for the seven months to June 30 2022, EV Metals UK Limited’s total fixed assets were valued at £60.1 million, but debts left it with net liabilities totalling more than £500,000.
Utility Services (N.E.) Limited – August 8
Utility Services (N.E.) Limited, a multiple services provider to the telecoms, utilities, construction and energy sectors, fell into administration earlier this month, appointing Martyn Pullin and David Willis of FRP Advisory as joint administrators.
In the company’s accounts for the year to September 30 2022, it reported turnover of £12.7 million, down from £16.9 million in the 14 month period to 2021, while retained post-tax losses increased from £0.58 million to £0.79 million.
Directors stated in the report that a key customer had withdrawn “a number of jobs” during the year due to budget overspending, having “a significant impact on the later end of the workload and into the following 12 months”.
At the time, the company’s fixed assets were valued at £1.1 million and current assets at slightly over £3 million, with total equity amounting to £1.5 million.
H.Parkinson Haulage Limited - August 9
H.Parkinson Haulage Limited, a Lancashire-based haulage and warehousing company, fell into administration last week, with David Acland and Lila Thomas of FRP Advisory appointed as joint administrators.
The family-run company was founded in the early 1950s and operated from five bases in the North West and one site in Wales. In its most recent accounts, for the year to June 30 2023, it reported revenue of £16.3 million, up from £15 million a year earlier, and moved from a £35,000 pre-tax loss to a profit of £69,000.
Despite this improvement, the company stated at the time that it was facing ongoing challenges, amid “fierce” competition in the haulage industry, supply chain disruption, driver availability and inflation.
In its 2023 accounts, fixed assets were valued at £4.3 million and current assets at just over £4 million, with total equity standing at slightly over £1 million.
Find out more about this story - £16m-revenue haulage firm appoints administrators
Venntro Media Group Limited – August 9
Venntro Media Group Limited, a Berkshire-based software-as-a-service (SaaS) technology business that operates online communities and dating platforms, fell into administration earlier this month, with Iain Nairn and Sean Williams of Leonard Curtis appointed as joint administrators.
In the company’s accounts for the year to December 31 2022, it reported turnover of £6.3 million, down from £9.6 million a year earlier, while post-tax losses more than doubled from £358,701 to £842,216.
At the time, its fixed assets were valued at £1.5 million and current assets at £2.2 million, with total equity standing at £965,318.
Xylotek Limited – August 12
Xylotek Limited, a timber construction specialist based in Bristol, fell into administration at the end of July, with Simon Jagger and Ben Woodthorpe of ReSolve Advisory appointed as joint administrators.
In accounts for the year to December 31 2022, the company’s fixed assets were valued at slightly over £100,000 with current assets amounting to nearly £1.4 million. However, its net liabilities at the time stood at just over £41,000.
The Floor Room Limited – August 12
The Floor Room Limited, a retailer of carpets and flooring products, fell into administration last week, appointing Zelf Hussain, Adam Seres and Peter Dickens of PricewaterhouseCoopers as joint administrators.
The firm was a sister company of retailer Carpetright, which fell into administration last month before being acquired in a pre-pack deal by rival Tapi Carpets, and was said to have historically been operationally reliant on the company. The Floor Room Limited was headquartered in Essex and traded from a dedicated store in London, an online operation and concessions in 34 John Lewis stores across the UK.
Find out more about how insolvencies are impacting the retail sector
Trailar Limited – August 13
Trailar Limited, an Oldham-headquartered developer of solar-powered transportation, fell into administration earlier this month, appointing Paul Stanley and Mark Weekes of Begbies Traynor as joint administrators.
In the company’s accounts for the year to December 31 2022, its non-current assets were valued at £87,352 and current assets at £1.4 million. However, its debts meant that net liabilities stood at more than £165,000.
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