UK administrations update: January 28 – February 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.

Mint Realisations Limited – January 28
Mint Realisations Limited, an outsourced customer services firm previously trading as FM Outsource Limited, fell into administration in January, with Alan Fallows and Charles Brook of Xeinadin Corporate Recovery appointed as joint administrators.

In accounts for the year to January 31 2023, the company’s fixed assets were valued at £35,237 and current assets at £1.5 million. Its net liabilities at the time, however, exceeded £1.1 million.

RedbookInternational Limited – January 28
RedbookInternational Limited, a construction holding company formerly known as Bricks Capital Holdings Limited, fell into administration last month, with Paul Davies and Sandra Mundy of James Cowper appointed as joint administrators.

In accounts for the year to December 31 2022, the company reported turnover of £2.3 million, but saw its post-tax losses widen from £6.2 million in 2021 to more than £20.2 million.

At the time, its fixed assets were valued at around £110,000 and current assets at around £30.1 million. However, its net liabilities stood at close to £35.2 million.

Ryedale Caravan & Leisure Limited – January 30
Ryedale Caravan & Leisure Limited, a caravan and leisure business based in Leicestershire, fell into administration last month, with Brett Barton and Dean Nelson of PKF Smith Cooper appointed as joint administrators.

The joint administrators are now working with the business to explore the possibility of a sale and review its position. However, they have also instructed Watling Real Estate to market the company’s 1.83-acre freehold site in Shepshed for sale with a £1.7 million asking price.

Toby O'Sullivan, director in the Midlands office of Watling Real Estate, said that the company was “sadly another victim of the reduction in demand in the caravan and leisure sector.”

In accounts for the year to April 30 2023, the company’s fixed assets were valued at £1.8 million and current assets at approximately £2.1 million, with net assets amounting to slightly under £1.8 million.

Fairline Yachts Limited – January 30
Fairline Yachts Limited, a Northamptonshire-based luxury yacht builder, fell into administration last month, with Michael Magnay, John Noon and Mark Firmin of Alvarez & Marsal appointed as joint administrators.

The administration was reportedly triggered by Fairline’s main lender, DF Capital, and comes just eight weeks after the company was acquired by clean propulsion technology business Arrowbolt Propulsion Systems.

No redundancies have been triggered by the insolvency, with Alvarez & Marsal’s Michael Magnay saying that the business would continue to trade as normal while the joint administrators actively pursue a sale.

In accounts for the year to December 31 2023, the company’s turnover stood at around £41.1 million, down from £48.3 million a year earlier, while its losses widened from £18.7 million to £21.6 million.

At the time, its fixed assets were valued at £9.7 million and current assets at £24.7 million, with net liabilities standing at around £3.1 million.

Dorset Hire Services Limited – January 30
Dorset Hire Services Limited, a tool and plant hire firm based in Shaftesbury, fell into administration last month, with Richard Warwick and Rachel Hotham of Milsted Langdon appointed as joint administrators.

In accounts covering the period from January 31 2022 to July 31 2023, the company’s fixed assets were valued at £2.7 million, with current assets valued at around £815,000 and net assets amounting to £190,647.

Anglo Technical Recruitment Limited – January 31
Anglo Technical Recruitment Limited, a specialist engineering and technical recruitment firm, fell into administration last week, with Andrew Watling and Duncan Beat of Quantuma Advisory appointed as joint administrators.

In accounts for the year to December 31 2023, the firm’s fixed assets were valued at slightly over £2 million and current assets at approximately £2.2 million, with net assets standing at around £634,000.

Waring & Co Legal Limited – February 3
Waring & Co Legal Limited, a no-win no-fee law firm based in Bolton, fell into administration last week, with Darren Brookes of Milner Boardman & Partners appointed as administrator.

In accounts for the year to December 31 2023, the company’s fixed assets were valued at around £1.4 million and current assets at approximately £208,000, with net assets standing at close to £976,000.

Find out about M&A trends in the UK legal sector

Sinclair Recruitment Solutions Limited – February 3
Sinclair Recruitment Solutions Limited, a Northampton-based construction sector recruitment specialist, fell into administration last week, with Amie Johnson and Ninos Koumettou of Begbies Traynor appointed as joint administrators.

In accounts for the year to March 31 2023, the company’s fixed assets were valued at around £54,000 and current assets at approximately £956,000. However, its net liabilities stood at slightly over £61,000.

HBY Renewable Energy Limited – February 4
HBY Renewable Energy Limited, a renewable electricity company based in Dundee, fell into administration last week, with Benjamin Wiles and Philip Dakin of Kroll Advisory appointed as joint administrators.

In accounts for the period ending February 29 2024, the company’s fixed assets were valued at £1.7 million and current assets at around £92,000, with net liabilities amounting to slightly more than £251,000.


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