UK administrations update: February 26 – March 4

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.

Technicolor Creative Studios UK Limited – February 26
Technicolor Creative Studios UK Limited, a digital visual effects studio based in London, fell into administration last week, with Nicholas Holloway and David Pike of Interpath appointed as joint administrators.

In accounts for the year to December 31 2023, the company reported turnover of £87.1 million, down from £123.3 million a year earlier, while seeing its post-tax losses widen from £40.1 million to £52 million.

At the time, its fixed assets were valued at £17.7 million and current assets at £18.2 million. However, its net liabilities totalled close to £60 million.

Read about M&A trends in the UK film and TV industry

Colin Briscoe Construction Limited – February 27
Colin Briscoe Construction Limited, a civil engineering contractor based in Lancashire, fell into administration last month, with Hilary Pascoe and Andrew Knowles of Leonard Curtis appointed as joint administrators.

In accounts for the year to April 30 2024, the company’s fixed assets were valued at around £101,000 and current assets at approximately £504,000, with net assets amounting to slightly under £55,000.

Portfolio Partners Limited – February 27
Portfolio Partners Limited, an airline carrier and travel operator supplier based in Berkshire, fell into administration last week, with Richard Cole and Steve Kenny of KBL Advisory appointed as joint administrators.

In accounts for the year to May 31 2023, the company’s fixed assets were valued at around £107,000 and current assets at £1.2 million, with net liabilities standing at slightly over £90,000.

Prestige Trade Sales Limited – February 28
Prestige Trade Sales Limited, an automotive group with sites across the Midlands, fell into administration in February, with Mark Malone and Gareth Prince of Begbies Traynor appointed as joint administrators.

Following the appointment of the joint administrators, a search for a buyer proved unsuccessful, leading to the company ceasing to trade, with the loss of 28 jobs. Mark Malone stated that the joint administrators would now seek to sell the company’s assets.

In accounts for the year to March 31 2023, the company’s fixed assets were valued at slightly over £1 million and current assets at £2.9 million, with net assets amounting to around £729,000.

Smartcomm Limited – February 28
Smartcomm Limited, a provider of audio visual and IT solutions to the commercial, hotel and prime residential sectors, fell into administration last month, with David Taylor and Paul Ellison of KRE Corporate Recovery appointed as joint administrators.

In accounts for the year to December 31 2022, the company’s turnover stood at £22.9 million, down marginally from a year prior, but it fell from a post-tax profit of around £23,000 to a loss of close to £774,000.

At the time, its fixed assets were valued at £726,124 and current assets at £2.9 million, with net assets totalling £92,137.

Coreix Limited – March 3
Coreix Limited, a cloud hosting services company based in Worthing, fell into administration in February, with Glen Carter and James Hawskworth of RSM UK appointed as joint administrators.

In accounts for the year to August 31 2023, the company’s turnover stood at around £4 million, up slightly from £3.8 million a year earlier, and it recorded a post-tax profit of £41,476, up from a £0.5 million loss the previous year.

At the time, its fixed assets were valued at £2.8 million and current assets at £666,000, with net assets amounting to £229,124.

Stiled Holdings Limited – March 4
Stiled Holdings Limited, a tile retailer based in Leeds, fell into administration last month, with Jonathan Amor and Richard Oddy of Azets Holdings appointed as joint administrators.

The company was incorporated in December 2022 and began trading in February 2023. In accounts for the year to March 31 2024, the company reported turnover of £33.6 million, but fell to a loss of £2.2 million.

At the time, its fixed assets were valued at around £601,000 and current assets at £3.9 million, but liabilities totalled £2.2 million.

Sana Mechanical and Electrical Limited – March 4
Sana Mechanical and Electrical Limited, a mechanical and electrical contractor based in Essex, fell into administration last week, with Gary Thompson and Chris Newell of Quantuma Advisory appointed as joint administrators.

In accounts for the year to April 5 2023, the company’s fixed assets were valued at £222,107 and current assets at around £1.5 million, with net assets totalling close to £812,000.

TNA Electrical Limited – March 4
TNA Electrical Limited, a mechanical, electrical and public health solutions provider based in Staffordshire, fell into administration last week, with Conrad Beighton and Liz Welch of Leonard Curtis appointed as joint administrators.

In accounts for the year to January 31 2024, the company reported turnover of around £30 million, up from £27.1 million a year earlier. However, after recording a post-tax profit of £420,580 in its previous accounts, the company subsequently fell to a loss of slightly over £2 million.

At the time, its fixed assets were valued at £464,184 and current assets at £7.9 million. Net liabilities, however, totalled around £166,500.

Devonport Capital Limited – March 4
Devonport Capital Limited, a provider of liquidity solutions and financing for companies operating in or exporting to emerging economies, fell into administration last week, appointing Michael Goldstein, Avner Radomsky and Charlotte Jobling of RG Insolvency as joint administrators.

In accounts for the year to January 31 2023, the company’s current assets were valued at £24.3 million and net assets at slightly over £5 million.


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