UK administrations update: January 15 – 21

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.

Lottie London Limited – January 15
Lottie London Limited, a vegan cosmetics brand, fell into administration earlier this month, with Geoffrey Rowley and Anthony Wright of FRP Advisory appointed as joint administrators.

In accounts for the year to March 31 2023, the company’s fixed assets were valued at £1.45 million and current assets at £8.3 million. However, significant debts meant that the company’s total equity stood at just over £10,000.

Brand Agency (London) Limited – January 15
Brand Agency (London) Limited, a cosmetics group and parent company of Lottie London Limited, fell into administration earlier this month, with Geoffrey Rowley and Anthony Wright of FRP Advisory also appointed as joint administrators.

In accounts for the year to March 31 2023, its fixed assets were valued at around £315,000 and current assets at close to £10 million. However, its total equity stood at just £204,200 at the time.

Geo. Adams & Sons (Retail) Limited – January 15
Geo. Adams & Sons (Retail) Limited, the retail of Lincolnshire-based artisan piemaker George Adams, fell into administration earlier this month, with Joanne Rolls and Frank Ofonagoro of Opus Restructuring appointed as joint administrators.

In accounts for the year to March 31 2024, the company’s fixed assets were valued at around £206,000 and current assets at slightly over £272,000. However, its net liabilities at the time exceeded £1.1 million.

Find out more about the collapse of George Adams

Celsus Group Limited – January 15
Celsus Group Limited, a healthcare industry staffing group based in Bedfordshire, fell into administration last week, with Benjamin Wiles and Philip Dakin of Kroll Advisory appointed as joint administrators.

In accounts for the year to December 31 2023, the company’s turnover stood at £44 million, down from £58.2 million a year earlier, while it fell from a post-tax profit of £1 million to a loss of £213,000.

The nearly 25 per cent drop in turnover was attributed by company to directors to “unusual pressures on GP surgeries” during the year, due to soaring inflation and the end of NHS COVID-19 funding.

At the time, its fixed assets were valued at close to £250,000 and current assets at £8.5 million, with total equity amounting to £3.4 million.

Keepsafe Realisations Limited – January 17
Keepsafe Realisations Limited, an outsourced contact center operator formerly trading as CC33 FS Limited, fell into administration earlier this month, 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 reported turnover of £11.5 million, down from £13.6 million a year earlier, and a pre-tax loss of £1.2 million, having incurred a loss of close to £400,000 the previous year.

At the time, its fixed assets were valued at around £443,000 and current assets at £4.2 million, with net assets standing at approximately £615,000.

Pure Fitout Associated Limited – January 17
Pure Fitout Associated Limited, a commercial fitout group based in Newtownabbey, fell into administration earlier this month, with Peter Allen of Deloitte appointed as administrator.

In accounts for the year to December 31 2023, the company’s turnover was around £17.5 million, down from £23.8 million a year earlier, but it moved from a post-tax loss of £3.6 million to a profit of close to £640,000.

At the time, its fixed assets were valued at £2.5 million and current assets at around £7.3 million. However, its net liabilities totalled close to £330,000.

Altis Industries Limited – January 20
Altis Industries Limited, a Hampshire-based wholesaler of machine tools, fell into administration last week, with Ken Touhey of Insolvency and Recovery appointed as administrator.

In accounts for the year to March 31 2023, the company’s fixed assets were valued at around £956,000 and current assets at £338,000, with total equity amounting to approximately £274,000.

Rical Limited – January 20
Rical Limited, a Smithwick-based group of manufacturing companies of fine blanking, metal pressings and fabrications, fell into administration last week, with Adam Stephens and Clare Lloyd of Evelyn Partners appointed as joint administrators. Stephens and Lloyd were also appointed as joint administrators of Rical Investments Limited.

Rical Group had operating sites across the UK and traded through an array of brands, including William Mitchell, Fellows, Multiforms, Taurus, Priory Products and Mitchell Grieve.

In accounts for the year to August 31 2023, Rical Limited reported turnover of around £16.3 million, down from £17.5 million a year earlier, while seeing its post-tax losses widen from £878,000 to £909,000.

At the time, its fixed assets were valued at approximately £2.5 million and current assets at around £6.9 million, with net assets amounting to £390,000.

Real VR Limited – January 20
Real VR Limited, a Manchester-based VR experiences company trading as meetspaceVR, fell into administration last month, with Gareth Howarth of Path Business Recovery appointed as administrator.

In accounts for the year to December 31 2022, the company’s fixed assets were valued at close to £1.1 million and current assets at around £270,000. However, debts meant that its net liabilities totalled nearly £295,000.

Steel Dynamics Limited – January 20
Steel Dynamics Limited, a steel processing firm based in Blackburn, fell into administration earlier this month, with Philip Stephenson and Jason Bell of Grant Thornton appointed as joint administrators.

In accounts for the year to December 31 2023, the company’s turnover was approximately £21.8 million, down from £26.6 million a year earlier, while it fell from a post-tax profit of around £1 million in 2022 to a loss of more than £1.8 million.

At the time, its fixed assets were valued at around £5.2 million and current assets at approximately £14 million, with net assets standing at close to £313,000.

Dovetail Group (UK) Limited – January 21
Dovetail Group (UK) Limited, a facilities support services group based in Hampton-in-Arden, fell into administration last week, with Martyn Pullin and David Willis of FRP Advisory appointed as joint administrators.

In accounts for the year to December 31 2022, its fixed assets were valued at around £413,000 and current assets at close to £2.1 million, with net assets standing at just over £169,000.


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