Tue, 23 Jul 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.
Home Delivery Solutions Limited – July 16
Home Delivery Solutions Limited, a Chesterfield-based haulage and storage firm, fell into administration earlier this month, appointing Mark Malone and Gareth Prince of Begbies Traynor as joint administrators.
The administration came after an accelerated sale process failed to secure a rescue deal for the company, despite interest from “multiple parties”. The company ceased trading upon the appointment of the joint administrators, who will now seek to realise its remaining assets.
In accounts for the year to December 31 2022, fixed assets were valued at close to £916,000 and current assets at £1.8 million. However, significant debts meant that its net liabilities amounted to just under £170,000 at the time.
Read more about Home Delivery Solutions’ collapse
Antic Hospitality companies – July 16
Four companies that formed part of the Antic hospitality group fell into administration earlier this month. Steve Absolom and Will Wright of Interpath Advisory were appointed as joint administrators of Elflock Limited, Babel Silk Limited, Brocade Limited and Gremio De London Limited.
Collectively, the companies operate 13 pubs and bars across south and east London. The venues will continue trading prior to being put up for sale by the joint administrators.
Find out more about this story
Ultromex Limited – July 17
Ultromex Limited, a salt slag recycling company based in South Wirral, fell into administration earlier this month, with Christopher Ratten and James Miller of RSM UK Restructuring Advisory appointed as joint administrators.
In accounts for the year to June 30 2023, the company’s fixed assets were valued at £1.8 million and current assets at close to £6.6 million, with total equity amounting to £5.5 million.
Sirane Limited – July 17
Sirane Limited, a packaging company based in the West Midlands, fell into administration last week, appointing Christopher Pole and Ryan Grant of Interpath Advisory as joint administrators.
The joint administrators have said they will explore options, including seeking a buyer for the business and realising its remaining assets. In accounts for 2022, the company’s turnover stood at £29.7 million, down from £38.5 million the year prior, while it fell from a pre-tax profit of £9.7 million to a £5.1 million pre-tax loss.
At the time, fixed assets were valued at £3.8 million and current assets at £13.3 million, with net assets amounting to £8.8 million.
Find out more about Sirane Limited’s administration
Paramount D&B Limited – July 17
Paramount D&B Limited, an office fit-out and interiors specialist headquartered in Cardiff, fell into administration last week, appointing Susan Clay and Huw Powell of Begbies Traynor as joint administrators.
The company had reportedly encountered cashflow difficulties after expanding outside of its core fit-out and interiors market into contracting work for developers repurposing old office stock for social housing. Efforts to sell the business as a going concern, including through a pre-pack deal, ultimately proved unsuccessful and the firm ceased trading upon the appointment of administrators.
In accounts for the year to June 30 2022, it reported turnover of nearly £29.5 million, up from £21.4 million the year before, while post-tax profits rose from £559,407 to £1.07 million. At the time, its total equity amounted to £2.3 million.
Find out more about this story
Arj Construction Limited – July 18
Arj Construction Limited, a principal contractor based in Hertfordshire, fell into administration in April 2024, with the appointment of Simon Carvill-Biggs and Sarah Cook of FRP Advisory confirmed by the Gazette last week.
Despite reporting a 61 per cent increase in revenue, from £72.7 million to £117 million, and an 8 per cent increase in pre-tax profit, from £2.5 million to £2.7 million, in the year to April 30 2023, the company’s cost of sales also rose from £59.3 million to £101.6 million, amid inflation and labour challenges. At the time, its net assets were valued at slightly under £8.5 million.
QM Systems Limited – July 18
QM Systems Limited, a Worcestershire-based manufacturer of automated production lines and test systems for the industrial sectors, fell into administration last week, with Matthew Haw and Diana Frangou of RSM UK Restructuring Advisory appointed as joint administrators.
The joint administrators are seeking to secure a buyer for the business and its assets as a going concern, but will aim to maximise realisations from the company’s assets if this is not possible.
In accounts for year to June 30 2023, it reported turnover of £4.18 million, up from slightly over £3 million a year earlier, but saw post-tax losses rise from £486,697 to £972,847. At the time, its net assets were valued at £111,876.
Find out more about QM Systems’ collapse
Exchequer Solutions Limited – July 18
Exchequer Solutions Limited, an umbrella payroll solutions firm headquartered in Chester, fell into administration last week, with Rochelle Schofield and Mike Dillon of Leonard Curtis appointed as joint administrators.
At a tribunal approximately two years ago, the company had been hit with an £11 million HMRC bill for backdated tax and National Insurance Contributions (NICs) due to errors made when processing contractor expenses between the 2013/14 and 2016/17 tax years.
In accounts for the year to December 31 2022, the firm reported revenue of £120.5 million, up from £109.4 million a year earlier, but fell from a post-tax profit of £188,609 to a loss of nearly £20,000. At the time, its total equity stood at £594,278.
Axis Studios – July 18
Axis Productions Limited and Axis VFX Limited, both trading as Axis Studios, a VFX and animation house based in Glasgow, fell into administration last week, with Alistair McAlinden and Geoff Jacobs of Interpath Advisory appointed as joint administrators.
Despite growing demand during the COVID-19 pandemic, the company has more recently experienced a decline in projects and increasing labour costs, leading to cashflow issues. Upon the appointment of the joint administrators, production has ceased on all projects, with operators being sought to continue live projects.
In accounts for the year to November 30 2022, the company reported revenue of £23.7 million, down from £27.3 million in 2021, but operating profit increased to £382,000 from £197,000 a year earlier. At the time, non-current assets were valued at £4.7 million and current assets at £5.5 million, with total equity standing at £3.07 million.
Read more about the collapse of Axis Studios
Christys By Design Limited – July 19
Christys By Design Limited, a manufacturer of children’s role play dress-up costumes, fell into administration last week, appointing James Clark and William Wright of Interpath Advisory as joint administrators.
In accounts for the year to December 31 2022, the company reported turnover of £16.5 million, up from £11.1 million a year earlier, while going from a post-tax loss of £318,000 to a profit of £874,000. At the time, its total equity stood at £6.5 million.
Blenheim House Construction Limited – July 23
Blenheim House Construction Limited, a Surrey-based construction contractor, fell into administration last week, with Adam Stephens and Kevin Ley of Evelyn Partners appointed as joint administrators.
In the company’s accounts for the year to April 30 2023, it reported turnover of £86.5 million, up from £67.7 million a year earlier. However, the company stated that this was lower than expected, while it also fell from a pre-tax profit of £1.1 million in 2022 to a loss of £137,355.
At the time, its fixed assets were valued at £1.5 million and current assets at £31.3 million, with total equity amounting to £6.8 million.
Coventry Engineering Limited – July 23
Coventry Engineering Limited, a Coventry-based manufacturer of precision static and driven spindle tooling, fell into administration last week, appointing Craig Povey and Gareth Prince of Begbies Traynor as joint administrators.
In the company’s accounts for the year to June 30 2023, its fixed assets were valued at £1.6 million and current assets at £1.9 million, with net assets standing at just under £801,000.
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