UK administrations update: December 17 – 24

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.

In Practice Systems Limited – December 17
In Practice Systems Limited (INPS), a major software supplier to GP surgeries, fell into administration earlier this month, with Steven Edwards, Vincent Green and Mark Holborow of Crowe U.K. appointed as joint administrators.

INPS, a subsidiary of Cegedim SA, was the main software supplier for GP practices in Scotland, with Scotland in the process of migrating all GP clinical systems to the company’s Vision software. The company placed itself into administration as a result of its financial difficulties.

In accounts for the year to December 31 2023, the company reported turnover of approximately £14.8 million, up from around £13.5 million a year earlier. However, it fell from a post-tax profit of £7.9 million in 2022 to a loss of £7.1 million.

At the time, its non-current assets were valued at around £825,000 and current assets at £26.1 million, with total equity amounting to £5.9 million.

Clifford Jones Timber Limited – December 17
Clifford Jones Timber Limited, a Denbighshire-based timber manufacturer, fell into administration earlier this month, with Alan Fallows and Allan Cadman of Xeinadin Corporate Recovery appointed as joint administrators.

In accounts for the year to December 31 2023, the company’s director stated that 2023 has been a “huge step forward from the previous three years’ poor performances”, with gross margin up 6 per cent, despite a drop in sales.
Turnover stood at around £7.5 million, compared to £7.36 million a year earlier, while the company moved from a pre-tax loss of £754,843 to a profit of £24,656.

At the time, its fixed assets were valued at £3.7 million and current assets at slightly over £2 million, with net assets standing at £252,428.

Man Coed VM Limited – December 18
Man Coed VM Limited, a tree surgery and grounds maintenance company based in Deeside, fell into administration earlier this month, with Andrew Knowles and Mike Dillon of Leonard Curtis appointed as joint administrators.

In accounts for the year to May 31 2023, the company’s fixed assets were valued at £1.2 million and current assets at £1.7 million, with net assets amounting to £152,521.

Petford Tools Limited – December 19
Petford Tools Limited, a West Midlands-based mould toolmaker, fell into administration this month, with James Snowdon and Georgina Eason of MHA MacIntyre Hudson appointed as joint administrators.

In accounts for the year to May 31 2023, the company’s directors said that company had endured “a difficult and challenging period”, citing external factors that caused its injection moulding business to become loss making, as well as raw material cost increases, inflation and soaring energy costs.

The company’s turnover stood at around £12.1 million, down from £18.6 million a year earlier, but the firm cut its post-tax losses from £1.3 million to £822,522. At the time, its total equity stood at £3.08 million.

Titanic Spa Limited – December 19
Titanic Spa Limited, the holding company behind the Titanic Spa eco-spa in Yorkshire, fell into administration earlier this month, with Gregory Palfrey and Kevin Parish of Evelyn Partners appointed as joint administrators.

In accounts for the year to December 31 2022, the company reported turnover of £5.8 million, up from £3.4 million a year earlier, while moving from a post-tax loss of around £286,000 to a profit of £23,488.

At the time, its fixed assets were valued at approximately £5.8 million and current assets at £1.5 million. However, its net liabilities at the time amounted to £835,662.

Malpas Tractors (Wrexham) Limited – December 20
Malpas Tractors (Wrexham) Limited, a Wrexham-based tractor and agricultural machinery dealer and distributor, fell into administration last week, appointing Patrick Lannagan and Richard Hough of Forvis Mazars as joint administrators.

Richard Hough commented: “The company has experienced cash flow difficulties resulting from difficult trading conditions in the sector. These cash flow difficulties have led the directors to take the difficult decision to place the company into administration.”

Hough added that the company was operating with a reduced workforce, following 43 redundancies, with the joint administrators exploring potential interest in acquiring the business.

In accounts for the year to December 31 2022, the company reported turnover of £42.4 million, down slightly from £42.9 million a year earlier, while pre-tax profits fell £1.1 million to £957,000. Its net assets at the time amounted to £4.9 million.

Find out more about Malpas Tractors’ administration

Free To Learn Limited – December 20
Free To Learn Limited, a provider of technical and vocational secondary education based in London, fell into administration last week, with Daniel Leigh of Leigh Consultancy and Mark Reynolds of Valentine & Co appointed as joint administrators.

In accounts for the year to June 30 2023, the group reported turnover of around £11.4 million, up from £10.3 million a year earlier, while seeing its post-tax profits drop from £876,660 to slightly over £745,000.

At the time, the group’s total equity stood at £10.4 million, while the total equity of the Free To Learn company amounted to around £10.4 million.

Virtuoso Doors Limited – December 23
Virtuoso Doors Limited, a manufacturer and supplier of PVC and composite doors, fell into administration last week, with Robert Croxen and Mark Firmin of Alvarez & Marsal appointed as joint administrators.

The company was part of the Customade Group of window and door manufacturers and was the only one of the company’s five subsidiaries not to be acquired in a rescue deal after falling into administration and has now ceased trading.

In accounts for the year to December 31 2022, the company reported turnover of £23.7 million, up from around £23 million a year earlier, but saw its post-tax profits fall from £3.26 million to £883,685.

At the time, its fixed assets were valued at £3.5 million and current assets £3.9 million, with net assets amounting to £6.7 million.

Brighton i-360 Limited – December 23
Brighton i-360 Limited, a company that operates the i-360 tourist attraction in Brighton, fell into administration last week, with Stephen Absolom and William Wright of Interpath Advisory appointed as joint administrators.

The company reported turnover of around £5.8 million in the year to June 30 2023, up from £5.6 million a year earlier, but saw its post-tax loss soar from around £5 million to more than £31.7 million. Its fixed assets at the time were valued at £11.2 million and current assets at around £920,000, but net liabilities amounted to more than £57.4 million.

The attraction, which opened in 2016, had been funded through a large investment of public money into the company by Brighton & Hove City Council – which remains the company’s major creditor.

Directors for the company stated that it had been “severely affected” by the COVID-19 pandemic, which forced long periods of closure during 2020 and 2021. However, it had suffered from poor visitor numbers prior to the pandemic, with the company forced to seek better loan repayment terms with the council in 2018.

Lawton Yarns Limited – December 23
Lawton Yarns Limited, a Dewsbury-based manufacturer of woollen yarns, fell into administration last week, with Helen Wheeler-Jones and Sarah O’Toole of PwC appointed as joint administrators.

In accounts for the year to September 30 2023, the company’s directors stated that the business had faced “a new set of challenges” during the year, with “substantial increases” across its major cost categories.

Turnover during the year to £32.7 million, down from £33.7 million a year earlier, while it fell from a post-tax profit of £8,102 to a loss of more than £276,000.

At the time, its fixed assets were valued at £3.1 million and current assets at £14.7 million, with net assets amounting to approximately £5.1 million.

Octagon Developments Limited – December 24
Octagon Developments Limited, a luxury housebuilder based in Surrey, fell into administration last week, with David Hudson and Philip Armstrong of FRP Advisory appointed as joint administrators.

David Hudson said that, despite being “a leading name in luxury property development for more than 40 years”, Octagon had collapsed as a result of " challenging trading conditions and pressures on working capital”.

All 70 staff have been made redundant, with Hudson saying that the joint administrators would market the company’s remaining assets for sale.

In accounts for the year to March 31 2023, the company reported turnover of £31.1 million, up from £19.4 million, but fell to a post-tax loss of £3.4 million, compared to a £5.1 million loss a year earlier.

At the time, its fixed assets were valued at £1.2 million and current assets at £54 million, with net assets amounting to approximately £20.3 million.


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