UK administrations update: February 6 – 13

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.

Haico Limited – February 6
Haico Limited is a Manchester-based manufacturer of branded stationery and toys. The company fell into administration in late January, with the appointment of Craig Johns and Jason Elliott of Cowgill Holloway Business Recovery confirmed by the Gazette on February 6.

In the company’s accounts for the year ending January 31 2023, its fixed assets were valued at just under £15.5k and current assets at close to £723,000. However, the company’s debts at the time left it with total liabilities of more than £417,000.

Boom Spin Limited – February 6
Boom Spin Limited is a London-based operator of spin cycle fitness studios which fell into administration on February 5, with the appointment of Howard Smith and William Wright of Interpath Advisory confirmed the following day.

In the company’s accounts for the year ending December 31 2021, its fixed assets were valued at slightly over £1.1 million and current assets at close to £1.71 million. At the time, its total equity amounted to just over £960,000.

N D M (Metal Roofing & Cladding) Limited – February 7
N D M (Metal Roofing & Cladding) Limited is a Surrey-based roofing and cladding company that fell into administration in December 2023, with the appointment of Myles Jacobson of MJ Advisory as administrator reported by the Gazette on February 7.

In the firm’s accounts to March 31 2022, its fixed assets were valued at £123,756 and current assets at £2.1 million, while net assets amounted to £901,612.

Find out more about how rising insolvencies are creating M&A opportunities in the construction industry

Wit Fitness Limited – February 7
Wit Fitness Limited, which trades as WIT Training, WIT Fitness, WIT and Whatever It Takes, is a London-based retailer of sports clothing and equipment. The company fell into administration in late January, with Michael Goldstein and Avner Radomsky of RG Insolvency appointed as joint administrators.

According to the company’s accounts for the year ending January 31 2022, its fixed assets were valued at nearly £750,000 and current assets at close to £2.8 million. At the time, however, the firm’s total liabilities amounted to just under £4 million.

T.G. Howell & Sons Limited – February 7
T.G. Howell & Sons Limited, which trades as Terry Howell & Sons and Terry Howell Timber & Builders Merchants, is a Gwent-based timber and building materials supplier. The company fell into administration earlier this month, with Katrina Orum and Huw Powell of Begbies Traynor appointed as joint administrators.

In the company’s accounts for the year to October 31 2022, it reported turnover of £11.4 million, down from £12.6 million a year earlier, while gross profit fell from £2.2 million to £1.4 million and the company went from a post-tax profit of close to £718,000 to a loss of nearly £280,000. At the time, its fixed assets were valued at £1.6 million and current assets at £3.8 million, while net assets stood at £1.9 million.

Readie Construction Limited – February 8
Readie Construction Limited, an Essex-based construction contractor, fell into administration and ceased trading earlier this month. Constantinos Pedhiou and Gary Shankland, both of Begbies Traynor, were appointed as joint administrators.

The company was a specialist in the warehousing and logistics spaces and had seen rapid growth over recent years. Despite rising turnover, however, the company’s profits were hit by the many headwinds impacting the construction sector, including inflationary cost pressures and the failure of numerous of the company’s subcontractors.

As of March 31 2023, Readie’s fixed assets were valued at just under £357,000 and current assets at £71.8 million. At the time, its total equity amounted to £1.8 million.

Find out more about this administration

John Dinham Transport Limited – February 9
John Dinham Transport Limited is a Bristol-based freight transport business. The company fell into administration this month amid growing pressures on the UK haulage sector. Tim Sloggett and Richard Easterby of Quantuma Advisory were appointed as joint administrators.

In the company’s accounts for the year to September 30 2022, its fixed assets were valued at £3.3 million and current assets at £2.1 million. At the time, its total net assets were valued at £784,181.

Find out more about rising insolvencies in the UK’s haulage industry

Daedalian Glass Limited – February 9
Daedalian Glass Limited is a Preston-based manufacturer of glassware. Michael Solomons and Andrew Pear of Moorfields Advisory Limited were appointed as joint administrators earlier this month after a petition to wind up the company was filed on behalf of creditor Grenke Leasing Limited in early January 2024.

The company’s balance sheet as of March 31 2022 shows fixed assets valued at slightly over £1 million, while current assets were valued at close to £837,000 and the company’s net assets amounted to just under £115,000.

Find out more about the pressures facing UK manufacturers

TCCL Realisations Limited – February 9
TCCL Realisations Limited, a Birkenhead-based outsourced call centre operator, fell into administration this month, with David Acland and Martyn Rickels of FRP Advisory appointed as joint administrators. The company’s most recent accounts at Companies House cover the year to March 31 2022.

Reviewing the year preceding the filing, the company stated that it had been severely impacted by the COVID-19 pandemic, as well as a severe cyber-attack, which left the business unable to operate and generate sales for a period of time.

These disruptions saw turnover fall from £41.1 million to £33 million, while the business fell from £1.2 million post-tax profit to a post-tax loss of £2.1 million. At the time, its net assets were valued at around £1.47 million.

Bawtry Carbon Limited – February 9
Bawtry Carbon Limited, a manufacturer and exporter of carbon cathode blocks based in South Yorkshire, fell into administration amid mounting financial difficulties. Despite PE-backing from Enact and a strong position in a niche market, the company was impacted by factors including COVID-19, the war in Ukraine and rising raw materials and energy prices.

A strategic review involving the exploration of a possible sale proved unsuccessful, leading to the appointment of Chris Petts and Philip Stephenson of Grant Thornton as joint administrators. The administrators are winding down the company’s operations while exploring its options.

In the year to December 31 2022, the company reported turnover of £25.8 million, up from £21.3 million a year earlier, but saw its gross profit fall from £3.9 million to £1.5 million, while post-tax profits fell from £1.9 million to just under £1.3 million. At the time, its total equity was £7.1 million.

Evolutions Post Production Limited – February 9
Evolutions Post Production Limited, a television post-production company based in Soho, London, fell into administration earlier this month, with Nicholas Holloway and William Wright of Interpath Advisory appointed as joint administrators.

The company’s accounts for the year ending December 31 2022 show turnover of close to £14.1 million, up from £10 million in the 15-month period ending December 31 2021. However, the company’s total losses for the year widened from £311,771 to £718,587, while net liabilities grew to over £1 million.

Find out about M&A trends in the UK’s film and TV industry

First Choice Facilities Services Limited – February 12
First Choice Facilities Services Limited, trading as 1st Choice Facilities Services Limited, is a provider of facilities management services. The Colnbrook-based company fell into administration earlier this month, with Chris Newell and Duncan Beat of Quantuma appointed as joint administrators.

In its accounts for the year to February 28 2022, the company reported turnover of £13.4 million, up from £11.2 million a year earlier, but fell from a post-tax profit of just under £183,000 to a loss of almost £167,000.

Aspect Facades Limited – February 12
Aspect Facades Limited, a Newton Aycliffe-based firm providing design, supply, installation and maintenance of cladding and roofing systems in the North of England, fell into administration this month, with Martyn Pullin and David Willis of FRP Advisory appointed as joint administrators.

In the company’s accounts for the year to March 31 2022, its fixed assets were valued at £254,367 and current assets at over £2 million. At the time, the company owed more than £2 million to creditors, with net assets amounting to £258,774.

NanoSUN Limited – February 13
NanoSUN Limited is a Lancashire-based engineering firm specialising in hydrogen fuel storage and distribution services. The company fell into administration earlier this month, with Patrick Lannagan and Conrad Pearson of Mazars appointed as joint administrators.

In the company’s accounts for the year ending December 31 2022, its fixed assets were valued at over £1 million and current assets at £12.3 million. At the time, its total equity was around £7 million.

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