UK administrations update: June 11 – 18

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.

Browside Limited – June 11
Browside Limited, a Liverpool-based property development firm, fell into administration in early June, with Situl Raithatha of Springfields Advisory appointed as administrator. The company was a special purpose vehicle delivering a 70-apartment development in Liverpool, which stalled earlier this year.

In the company’s accounts for the year to March 31 2022, its current assets were valued at £7.4 million, but debts left it with net liabilities totalling £832,081.

Place 2 Place Logistics Limited – June 12
Place 2 Place Logistics Limited, a Newcastle-under-Lyme-based logistics company, fell into administration earlier this month, with Alan Coleman and Marco Piacquadio of FTS Recovery appointed as joint administrators.

The company fell into administration as a result of a “large, loss-making contract”. Following their appointment, the joint administrators secured a sale of the company’s remaining profitable contract to Emerald Specialist Logistics, in a deal that secured 20 jobs.

In the company’s accounts for the year ending June 30 2022, its total assets were valued at just under £1.6 million, but net liabilities amounted to £326,108.

Find out more about headwinds impacting the haulage sector

Davis Roofing Limited – June 12
Davis Roofing Limited, a roofing company based in Bristol, fell into administration earlier this month, with Jonathan Dunn and Matthew Whitchurch of FRP Advisory appointed as joint administrators.

In the company’s accounts for the year to March 31 2023, its fixed assets were valued at £89,308, down from £225,148 a year earlier, while current assets were valued at £680,197. At the time, its net assets amounted to £212,611.

QV Realisations Limited – June 12
QV Realisations Limited, a potato packer and processor based in Lincolnshire, fell into administration last week, with Paul Meadows and Matt Cowlishaw of Teneo appointed as joint administrators.

The company, part of the A H Worth Group, fell into administration after incurring significant losses over recent years, which was blamed on volatile potato prices and rising operating costs.

In its accounts for the year to May 31 2023, the firm (then trading as A H Worth Limited), reported turnover of £79.6 million, up from £74.6 million a year earlier. However, its losses widened from £1.9 million to £6.6 million during this period.

At the time, the company’s fixed assets were valued at just under £7.6 million and current assets at £14.1 million, but net liabilities totalled more than £1.5 million.

Find out more about this administration

Gather International Limited – June 12
Gather International Limited, an investment management app, fell into administration at the end of last month, with Christopher Andersen of AABRS appointed as administrator.

In the company’s accounts for the year to February 28 2023, its fixed assets were valued at just under £2.1 million and current assets at £1.6 million, with net assets amounting to nearly £825,000.

Eachchain Trading Limited – June 12
Eachchain Trading Limited, which trades as De Marchi Engineering, is a sheet metal fabrication company headquartered in Wiltshire. The company fell into administration at the start of June, with Paul Wood and Neil Vinnicombe of Begbies Traynor appointed as joint administrators.

In the company’s accounts for the year to November 30 2023, its fixed assets and current assets were each valued at around £1.2 million, while net assets amounted to £181,708.

The Mailshop Mailing Limited – June 13
The Mailshop Mailing Limited, a direct mail firm based in Nottingham, fell into administration last week, with Mark Hodgett and Nathan Jones of FRP Advisory appointed as joint administrators.

The company filed a notice of intention (NOI) to appoint administrators last month, with reports suggesting that its trade insurance had been cut after it incurred losses.

In its accounts for the year to July 31 2022, its fixed assets were valued at £1.6 million and current assets at £3.4 million. However, at the time, its net assets amounted to just £65,586.

Crown Fit-Out & Refurbishment Limited – June 13
Crown Fit-Out & Refurbishment Limited, a refurbishment contractor specialising in the hospitality, leisure and rail industries, fell into administration earlier this month, with Gary Thompson and David Meany of Quantuma Advisory appointed as joint administrators.

In the company’s accounts for the year to October 31 2022, its total assets were valued at around £2.7 million, while net assets amounted to £711,851.

Rapid Response Transport (UK) Limited – June 13
Rapid Response Transport (UK) Limited, a freight transport business based in Stockton-on-Tees, fell into administration earlier this month, with Greg Whitehead of Northpoint Associates appointed as administrator.

The company, said to be the largest courier and storage firm in the Middlesbrough area, provided same day, overnight, refrigerated and European delivery. The firm, which operated out of three bases in the area, had been trading for more than 20 years and held an international operator licence authorising 30 HGVs and 15 trailers.

In its accounts for the year to February 28 2023, its fixed assets were valued at £359,014 and current assets at £608,543. At the time, its net assets amounted to £341,290.

AB Group Packaging Limited – June 13
AB Group Packaging Limited, a Gwent-based manufacturer of sustainable paper bags, fell into administration in early June, with Jason Elliott and Craig Johns of Cowgills appointed as joint administrators.

In the company’s accounts for the year to February 28 2022, it reported turnover of £13.3 million, up from £10.4 million a year earlier, but saw its post-tax profits fall from £127,818 to £94,105. Directors stated in the report that the results were considered “satisfactory”, especially due to current economic headwinds, such as rising energy costs.

At the time, the company’s fixed assets were valued at £830,571 and current assets at £3.7 million. However, its net liabilities totalled £2.2 million.

Kanwal UK Corporation Limited – June 14
Kanwal UK Corporation Limited, a manufacturer of specialist rubber scaling systems and mouldings for industries including the automotive sector, fell into administration last week, with James Snowdon and Georgina Eason of MHA MacIntyre Hudson appointed as joint administrators of the Houghton Regis-based firm.

In the company’s accounts for the year to June 30 2022, it reported turnover of £6.7 million, up slightly from £6.5 million a year earlier, but fell from a £143,560 post-tax profit in 2021 to a post-tax loss of £581,818.

In their strategic report, the directors said the results were “satisfactory considering the post events after COVID-19", adding that revenue had been impacted by the delay of new program launches by customers, which subsequently impacted its production requirements, and that it had incurred “important launch costs” on two programs.

At the time, its fixed assets were valued at £744,253 and current assets at £5.6 million, with net assets standing at £1.7 million, down from £2.3 million a year earlier.

Read more about M&A in the automotive sector

Mona Island Dairy Limited – June 14
Mona Island Dairy Limited, a cheese factory on Anglesey, fell into administration earlier this month, with Anthony Collier and Philip Reynolds of FRP Advisory appointed as joint administrators.

The company’s collapse came after the factory, which opened last year, failed to source sufficient short-term funding from stakeholders to continue operating in its current form. The joint administrators are exploring options for the business and have urged interested parties to come forward.

In its accounts for the year ending December 31 2022, the company’s fixed assets were valued at around £15 million and current assets at £143,088, but net liabilities totalled £1.49 million.

Find out more about Mona Island Dairy’s administration

Brandon Tradeco Limited – June 17
Brandon Tradeco Limited, the operating company of the Brandon Hall Hotel in Brandon, Coventry, fell into administration in June, with Marco Piacquadio and Alan Coleman of FTS Recovery appointed as joint administrators.

In the company’s accounts for the year to December 30 2022, its fixed assets were valued at £60,576 and current assets at £1.19 million. However, at the time it had net liabilities totalling £14,814.

Read about hotel M&A trends

OPX Recruitment Limited – June 18
OPX Recruitment Limited, a Swindon-based recruitment company specialising in permanent and temporary staffing across a number of sectors, fell into administration last week, with Andrew Beckingham and Sean Ward of Leonard Curtis appointed as joint administrators.

The firm was an associated company of OPX Logistics Limited, which fell into administration earlier this month, and OPX Distribution Limited (see below).

In accounts for the period from July 31 2022 to December 31 2022, its fixed assets were valued at £392,391 and current assets at close to £2.7 million, while net assets amounted to £1.1 million.

Find out more about trends shaping recruitment M&A

Mailbox DM Limited – June 18
Mailbox DM Limited, a direct mail firm based in Leicester, fell into administration at the end of May, with Louise Williams and Paul Mallatratt of Opus Restructuring appointed as joint administrators.

In accounts for the year to March 31 2023, its fixed assets were valued at £77,340 and current assets at £651,205, while net liabilities stood at £15,532.

OPX Distribution Limited – June 18
OPX Distribution Limited, a Swindon-based e-commerce fulfilment, storage and distribution solutions provider, fell into administration last week, with Andrew Beckingham and Sean Ward of Leonard Curtis appointed as joint administrators. The firm was an associated company of OPX Logistics and OPX Recruitment, with all three having been founded by Lee Hallett.

In the company’s accounts for the period from July 31 2022 to December 31 2022, its fixed assets were valued at £1.3 million and current assets at £736,674. At the time, the company’s net liabilities totalled more than £900,000.


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