UK administrations update: January 7 – 14

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.

Edam Group Limited – January 7
Edam Group Limited, a credit hire and post-accident repair services provider for motorists, fell into administration last week. Ryan Grant and Rick Harrison of Interpath Advisory were appointed as joint administrators of the group, along with related companies Easi-Drive Ltd and Credit Repair Ltd.

In accounts for the year to March 31 2023, the group reported turnover of £26.5 million, down from £36.6 million a year earlier, while pre-tax losses grew to £3.3 million from £2.05 million the previous year.

At the time, the group’s fixed assets were valued at £18.5 million and current assets at slightly over £45 million, with net assets amounting to around £10.6 million.

Find out more about the collapse of Edam Group

Price & Fretwell Limited – January 8
Price & Fretwell Limited, a butcher based in Derbyshire, fell into administration at the end of December, with Louise Williams and Ian McCulloch of Opus Restructuring appointed as joint liquidators.

The company’s collapse was partially attributed to the ongoing effects of the COVID-19 pandemic, as well as disruption to global supply chains due to the war in Ukraine and geopolitical tension in the Middle East.

In accounts for the year to September 30 2023, the company’s fixed assets were valued at around £375,000 and current assets at approximately £690,000. However, its net liabilities at the time amounted to nearly £230,000.

Read more about Price & Fretwell’s administration

IT Hardware and Software Limited – January 8
IT Hardware and Software Limited, an IT products wholesaler based in Manchester, fell into administration at the beginning of January, with Mike Dillon and Andrew Knowles of Leonard Curtis appointed as administrators.

In accounts for the year to April 30 2023, the company reported turnover of £21.7 million, up from £17.5 million a year earlier, while post-tax profits increased from £1.4 million to close to £2 million. At the time, its assets were valued at slightly over £13 million, with net assets standing at £4.4 million.

Connect Modular Limited – January 10
Connect Modular Limited, a modular housing builder based in Ayrshire, fell into administration last week, with Michelle Elliot and Callum Carmichael of FRP Advisory appointed as joint administrator. Elliot and Carmichael have also been appointed as joint provisional liquidators to related company Hope South West Limited.

According to the joint administrators, the companies had suffered over recent months as a result of rising operational costs and losses on contracts, resulting in significant pressure on cashflow and trading operations.

In accounts for the year to June 30 2023, the company’s fixed assets were valued at around £713,000, with current assets standing at close to £2.3 million. At the time, its net liabilities stood at slightly over £20,000.

Find out more about Connect Modular’s collapse

Genuine Solutions Limited – January 13
Genuine Solutions Limited, a company specialising in the recovery, recycling and distribution of electrical goods, fell into administration earlier this month, with Glyn Mummery and Julie Humphrey of FRP Advisory appointed as joint administrators.

In accounts for the year to December 31 2023, the company reported turnover of close to £9.6 million, down from around £11.8 million a year earlier. However, it recovered from a post-tax loss of around £711,000 in 2022 to record a profit of close to £150,000 the following year.

At the time, its current assets were valued at £2.1 million, with net assets amounting to around £214,000.

Multiwood Products Limited – January 14
Multiwood Products Limited, a kitchen door manufacturer based in Bury, fell into administration last week, with Simon Farr and Anthony Collier of FRP Advisory appointed as joint administrators.

At the time, the company’s fixed assets were valued at approximately £1.2 million, with current assets standing at £2.2 million, while net assets amounted to slightly over £2 million.


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