Tue, 20 Feb 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.
Windsor Print Production Limited – February 13
Windsor Print Production Limited is a Tonbridge-based manufacturer of paper stationery that fell into administration earlier this month, with Matthew Reeds and Paul Bailey of Bailey Ahmad appointed as joint administrators.
In the company’s most recent accounts at Companies House, for the year to December 31 2022, its fixed assets were valued at slightly over £378,000 and current assets at close to £425,000. The company’s debts at the time left it with net assets of £40,559.
Find out more about the headwinds facing UK manufacturers
Ply-Tek (UK) Limited – February 13
Ply-Tek (UK) Limited is a Briton Ferry-based wholesaler of plywood. The company fell into administration earlier this month, with Huw Powell and Katrina Orum of Begbies Traynor’s Cardiff office appointed as joint administrators.
In its accounts for the year ending June 30 2022, the company reported turnover of close to £12.5 million, up from £11.3 million a year earlier, but saw its pre-tax profits fall from just over £398,000 to £267,744. At the time, its fixed assets were valued at nearly £789,000 and current assets at around £5.8 million, with net assets standing at £875,327.
Video Europe Limited – February 13
Video Europe Limited is a London-headquartered firm that provides renting and leasing of film equipment. In addition to its site in Battersea Studios, London, the company also has an outlet at Cardiff Bay Business Centre, Cardiff.
Anthony Wright and Alastair Massey of FRP Advisory were appointed as joint administrators to the company earlier this month. The company’s balance sheet from April 30 2023 showed £14.2 million in fixed assets and £4.8 million in current assets, with net assets amounting to £2.7 million.
Underground Communications Limited – February 14
Underground Communications Limited, a Leeds-based provider of solutions for projects in the utilities, construction and telecoms sectors, fell into administration earlier this month, with Nicola Baker of Rushtons Insolvency Limited appointed as administrator. In the company’s accounts for the year to July 31 2023, its total assets were valued at over £1.2 million, but liabilities left it with net assets totalling just £7,775.
Read more about how rising insolvencies are impacting businesses throughout the construction industry
Surepak Limited – February 15
Surepak Limited is a Nottinghamshire-based manufacturing firm that supplied flexible packaging to the UK’s leading supermarkets. The company had faced mounting financial difficulties, with its electricity costs soaring by more than 425 per cent and the loss of two major contracts. The firm fell into administration after a winding-up petition was filed by a creditor, with Dean Nelson and Nick Lee, Business Recovery Partners at PKF Smith Cooper, appointed as joint administrators.
The company will continue to trade in the short term while administrators undertake an accelerated M&A process to find a buyer for all or part of the company. The company’s balance sheet as of December 31 2022 shows £1.48 million in fixed assets and slightly over £945,000 in current assets. The company’s liabilities at the time left it with total equity of just under £771,000.
Find out more about attempts to find a buyer for Surepak
Axiom Group Limited – February 16
Axiom Group Limited, which trades as Axiom Contract Flooring, is a Bedfordshire-based flooring specialist. The company fell into administration after filing a notice of intention to appoint administrators earlier this month, with the group said to have collapsed suddenly. Meghan Andrews and Nicola Banham of Azets were appointed as joint administrators.
In the company’s accounts for the year to November 30 2022, it reported turnover of £17.8 million, up from £14.8 million a year earlier, while post-tax profits increased from £539,531 in 2021 to nearly £634,000. At the time, its net assets amounted to £7.9 million.
ITC Concepts Limited – February 16
ITC Concepts Limited is a fit-out and refurbishment specialist based in Croydon. The company fell into administration this month, with Anthony Wright and Alastair Massey of FRP Advisory appointed as joint administrators.
In the company’s accounts for the year to April 30 2022, it reported turnover of £45.9 million, up from £33.9 million a year earlier, and post-tax profits of £272,632, up from a post-tax loss of more than £660,000 in 2021.
Despite this significant increase, the company continued to be impacted by the fallout from COVID-19, missing its initial turnover target of over £50 million. This was attributed to clients deferring secured contracts. However, the balance sheet remained strong, with net assets valued at more than £2.3 million.
Severnprint Limited – February 19
Severnprint Limited is a Wiltshire-based paper manufacturer. The company fell into administration earlier this month, with Alex Kinninmonth and James Prior of FRP Advisory appointed as joint administrators.
In the company’s accounts for the year to November 30 2022, its fixed assets were valued at £1.5 million and current assets at £2.7 million, with net assets standing at £601,362.
The Body Shop International Limited – February 19
The Body Shop International Limited, a major UK cosmetics chain, fell into administration last week, leading to concerns for more than 2,200 jobs at the company, which has close to 200 retail locations across the UK.
The company was acquired by private equity firm Aurelius in November 2023, but the German group said it had been unable to revive the retailer’s fortunes, following poor trading over the crucial Christmas and New Year period.
Tony Wright, Geoff Rowley, and Alastair Massey of FRP Advisory were appointed as joint administrators and are now focused on restructuring the UK business. The brand is expected to survive in some form, but it is thought that up to 100 UK outlets could be closed as part of the restructuring.
Find out more about The Body Shop’s administration
Rosehill Furnishings Limited – February 19
Rosehill Furnishings Limited, a contract furniture supplier based in Cheadle, fell into administration last week, with Craig Johns and Jason Elliot of Cowgills appointed as joint administrators. In the company’s accounts for the year to February 27 2022, its fixed assets were valued at slightly over £86,101 and current assets at £83,651. However, the company’s significant debts left it with total liabilities of close to £0.5 million.
New Forest Spring Water Limited – February 20
New Forest Spring Water Limited is a Hampshire-based producer of bottled spring water. The company fell into administration in February, with Paul Ellison and David Taylor of KRE Corporate Recovery appointed as joint administrators.
In the company’s accounts for the year ending March 31 2023, its fixed assets were valued at slightly over £86,000 and current assets at around £52,000. However, the company’s net liabilities amounted to nearly £300,000.
D.N.T. Company Limited – February 20
D.N.T. Company Limited, a Sambourne-based trader and distributor of steel coils, fell into administration earlier this month, with Raj Mittal and Ben Jones of FRP Advisory appointed as joint administrators.
In the company’s accounts for the year ending November 30 2022, its turnover fell to £18.4 million from £29.2 million a year earlier, while post-tax profits fell from £344,089 to £98,511. In the company’s strategic reports, directors said that the business had experienced “a period of increasing raw material costs and extended Mill lead times”.
At the time, its fixed assets were valued at £230,555 and current assets at £13.6 million, with total equity amounting to £1.5 million.
Morecambe Bay Wines Limited – February 20
Morecambe Bay Wines Limited, trading as Bay Drinks Group, is an independent drinks wholesaler based in Morecambe. The company fell into administration in February, with Mike Dillon and Andrew Knowles of Leonard Curtis appointed as joint administrators.
In the company’s accounts for the year to January 31 2023, its fixed assets were valued at over £800,000 and current assets at £2.5 million, with net assets amounting to just under £621,000.
Find out more about M&A in the hospitality industry
Island Steel (UK) Limited – February 20
Island Steel (UK) Limited is a trader and processor of steel in coil and sheet form. The Newport-based company fell into administration last week, with Tom Straw and Stephanie Sutton of RSM Restructuring appointed as joint administrators.
In the company’s accounts for the year ending June 30 2022, its turnover was £20.4 million, down from £24.7 million a year earlier, but post-tax profits increased to £1.2 million from £985,497. At the time, its net assets were valued at £3.6 million.
The company is an automatic and industrial door supplier, installing a variety of systems, including but not limited to, automatic doors, fire resistant shutters, entrance barriers, roller shutters and garage doors.
Well-established company operating for over 23 years. Offers a range of driving positions, which include day runs, local runs, local shunting, nights out and tramping.
The company is a business-to-business wholesaler of cask ales, continental lagers, and craft cider. Since its establishment, the business has cultivated strong relationships with high-profile and local breweries, gaining exclusive access to their pro...
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