UK administrations update: February 11 – 18

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.

S I R Joinery Limited – February 11
S I R Joinery Limited, an Aberdeen-based joinery contractor, fell into administration earlier this month, appointing Mark Harper and Charles Turner of Opus Restructuring as joint administrators.

In accounts for the year to March 31 2023, the company’s fixed assets were valued at around £53,000 and current assets at approximately £607,000. However, its net liabilities at the time exceeded £291,000.

J.S. Wright & Co.Limited - February 12
J.S. Wright & Co.Limited, a mechanical and electrical engineering contractor headquartered in Birmingham, fell into administration last week, with Rajnesh Mittal and Benjamin Jones of FRP Advisory appointed as joint administrators.

The company transitioned to employee ownership in 2021, but has since struggled with issues including soaring cost inflation, project delays and a wider slowdown in the UK construction market.

In accounts for the year to April 29 2023, the company reported turnover of around £41.7 million, down from £46.5 million a year earlier, while its post-tax profits fell from £2.5 million to just under £425,000.

At the time, its fixed assets were valued at around £373,000 and current assets at £23.4 million, with net assets amounting to £11.5 million.

Mittal and Jones were also appointed as joint administrators of allied company Wright Maintenance Limited, a plumbing and boiler maintenance contractor also headquartered in Birmingham.

Joyce European Logistics Limited – February 12
Joyce European Logistics Limited, a temperature-controlled transport firm based in Shrewsbury, fell into administration last week, appointing Stuart Kelly and Claire Harsley of SPK Financial Solutions as joint administrators.

In accounts for the year to June 30 2023, the company’s fixed assets were valued at £1.6 million and current assets at around £560,000, while net assets amounted to slightly over £165,000.

Troy (UK) Limited – February 13
Troy (UK) Limited, an Exeter-based tools and maintenance supply network, fell into administration earlier this month, with Paul Berkovi and Mark Firmin of Alvarez & Marsal appointed as joint administrators.

The company, which is the UK’s largest independent tools and maintenance supplies network, reported revenue of £231 million in the year to December 31 2023, up from £225 million a year earlier, and gross profit of £7.7 million.

At the time, its fixed assets were valued at £7.5 million and current assets at £82.2 million, with net assets amounting to £9.1 million.

Find out more about Troy’s collapse

Cool & Heat Limited – February 14
Cool & Heat Limited, a cooling and heating solutions company based in Radcliffe, fell into administration last week, with Charles Brook and Alan Fallows of Xeinadin Corporate Recovery appointed as joint administrators.

In accounts for the year to March 31 2023, the company’s fixed assets were valued at around £308,000 and current assets at £1.6 million, with net assets amounting to slightly over £272,000.

Tailormade Logistics UK Limited – February 14
Tailormade Logistics UK Limited, a Birmingham-based logistics firm, fell into administration last week, appointing Benjamin Peterson and Lee Causer of BDO as joint administrators.

In accounts for the year to December 31 2023, the company reported turnover of slightly over £7 million, up from £5.7 million a year earlier, but saw its pre-tax losses widen significantly from around £6,000 to more than £587,000. At the time, its total assets were valued at around £1.3 million, but net liabilities amounted to over £668,000.

Nvayo Limited – February 17
Nvayo Limited, an FCA regulated electronic money issuer, fell into administration earlier this month, with Dane O’Hara, Alex Cadwallader and Andrew Poxon of Leonard Curtis appointed as joint administrators.

The administration comes over a year after the FCA informed the company it could not carry out e-money services without the regulator’s consent, owing to its serious concerns about the company’s compliance with anti-money laundering rules.

Last year, an application from the company to suspend the FCA’s restrictions was dismissed. Nvayo’s directors subsequently applied to court to place the company into special administration, before concluding that the firm was insolvent.

In accounts for the year to December 31 2022, the company generated turnover of £8 million, down from £9.8 million a year earlier, while falling from a post-tax profit of £1.8 million to a loss of £1.2 million.

At the time, its fixed assets were valued at £11,826 and current assets at £20.7 million, with net assets amounting to £6.2 million.

T P S Plant & Groundwork Limited – February 17
T P S Plant & Groundwork Limited, a civil engineering contractor based in Warrington, fell into administration earlier this month, with John Carpenter and Christopher Barrett of Dow Schofield Watts Business Recovery appointed as joint administrators.

In accounts for the year to March 31 2023, the company’s fixed assets were valued at £8.7 million and current assets at £2.9 million, with net assets amounting to around £2.1 million.

Quality Precision Electronics Limited – February 18
Quality Precision Electronics Limited, a full-service electronic manufacturing and assembly company based in Glenrothes, fell into administration last week, with Michelle Elliott and Callum Carmichael of FRP Advisory appointed as joint administrators.

In accounts for the year to March 31 2023, the company’s fixed assets were valued at slightly over £993,000 and current assets at around £5.2 million, while net assets amounted to just under £1.7 million.


Click here to download our free guide on finding and buying distressed businesses and assets

Share this article

Latest Businesses for Sale

View more businesses for sale