Tue, 30 Jan 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.
Microblade Limited – January 23
Microblade Limited, a Sheffield-based manufacturer of blades, fell into administration on January 19, with Robert Dymond and Joanne Hammond of Begbies Traynor appointed as joint administrators. The company has been trading since 1975, manufacturing paper converting knives, orbital log saw blades and circular knives.
The company, which has a worldwide network of agents and distributors, says that it is the only log saw blade manufacturer in the world with the capacity to produce a full range of 18 inch to 40 inch diameter log saw blades from its factory.
In the firm’s accounts for the year ending March 31 2022, its fixed assets were valued at slightly over £400,000 and current assets at close to £1.27 million. However, its net liabilities at the time amounted to more than £212,000.
Sapcote Engineering Limited – January 24
Sapcote Engineering Limited, a Leicestershire-based manufacturer, fell into administration this month, after filing a notice of intention (NOI) to appoint administrators in December 2023. Miles Needham of FRP Advisory and Trevor Binyon of Opus Restructuring were appointed as joint administrators.
The company, part of the i3 Group, manufactures conveyors, access platforms, robotics and automation solutions and has provided services for brands including PepsiCo, Walkers, Unilever, KP Snacks and British American Tobacco.
In its accounts for the year ending October 31 2022, Sapcote Engineering’s total assets were valued at around £2.8 million, with net assets standing at just under £788,000.
Box Limited – January 24
Box Limited, a West Midlands-based online retailer of tech and gaming products, fell into administration and ceased trading, with Michael Lennon and Mark Blackman of Kroll appointed as joint administrators. Despite reportedly having turnover of around £76 million, the company was said to have experienced significant financial difficulties that meant it was unable to continue trading.
Joint administrator Michael Lennon said: "The company has faced financial difficulties due to peak trading over the Christmas period being below forecast expectations. This led to immediate liquidity challenges which could not be remedied in the short term.”
In its accounts to March 31 2022, the company’s total assets were valued at around £29.1 million, with total equity of around £6.7 million. Find out more about this administration.
Lloyds Developments Limited – January 24
Lloyds Developments Limited, a property development firm that owns the Virgin Hotels Glasgow property, fell into administration in December 2023, with the appointment of Geoffrey Jacobs and Blair Nimmo of Interpath Advisory confirmed by the Gazette on January 24 2024.
In its most recent financial statements, to May 31 2022, the company registered total losses of £3.9 million. Despite the appointment of administrators, the hotel is continuing to trade as usual, with the building expected to be put up for sale at a future date.
A statement from the administrators said: “The hotel continues to operate and we understand trade as usual. The interim managers are fully committed to working with Virgin Hotels and other stakeholders to ensure there is no disruption to operations at the hotel, while they assess options to bring the property to market in due course."
Enrok Construction Limited – January 24
Enrok Construction Limited, a Midlands-based construction firm specialising in commercial and residential developments, fell into administration as a result of headwinds including contract delays and the insolvency of a key supplier, which led to unsustainable cash flow pressures.
Tim Bateson and Ryan Grant of Interpath Advisory were appointed as joint administrators of the company and will focus on realising its assets. In the company’s accounts for the year to May 31 2022, its total assets were valued at around £570,000, with net assets amounting to £105,482.
Find out more about the UK’s rising insolvency levels
Uinneag Consultants Limited – January 26
Uinneag Consultants Limited is a manufacturer of windows and doors based on the Houstoun Industrial Estate in Livingston. The company fell into administration on January 17, with the appointment of Kenneth Pattullo and Jamie Taylor of Begbies Traynor confirmed on January 26.
In the company’s accounts for the year to February 28 2023, its fixed assets were valued at around £400,000 and current assets at £1.6 million. At the time, however, the company’s net liabilities amounted to more than £293,000.
Find out more about the headwinds facing UK manufacturers
Mobi Market Limited – January 29
Mobi Market Limited, a company specialising in the sale of second-hand mobile devices, fell into administration earlier this month, with Freddy Khalastchi and Jonathan Bass of Menzies LLP appointed as joint administrators.
In its most recent accounts, for the year to March 31 2022, the Burton on Trent-based business reported turnover of £11.4 million, down from £15.5 million a year earlier, but cut its pre-tax losses from close to £260,000 to just under £223,000. At the time, the company’s net liabilities totalled just over £700,000.
Medipharmacy Limited – January 29
Medipharmacy Limited is a West Sussex-headquartered chain of independent NHS community pharmacies across West Sussex, London, Kent and Surrey. Anthony Wright and Ian Corfield of FRP Advisory have been appointed as joint administrators.
In the company’s accounts in the year to March 31 2022, it saw turnover increase from £21 million to £27.6 million, while pre-tax profits more than doubled from slightly over £206,000 to £524,260. At the time, its total equity amounted to £4.1 million.
Find out more about M&A in the UK’s pharmacy industry
Fetch.AI Limited – January 30
Fetch.AI Limited is a software development company that claims to be the “first open network for AI Agents”. The Bury St Edmunds-based company fell into administration on January 23, with the appointment of Ben Woodthorpe and Simon Jagger of ReSolve Advisory confirmed on January 30.
In the company’s accounts for the year ending August 31 2022, its fixed assets were valued at £20.2 million and current assets at £11.5 million. However, the company’s significant debts left it with net assets valued at slightly over £3 million.
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