Tue, 02 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.
Tecalemit Garage Equipment Company Limited – June 25
Tecalemit Garage Equipment Company Limited, an Exeter-based manufacturer and supplier of garage equipment, fell into administration in June, with Stephen Hobson and Lucinda Coleman of Francis Clark LLP appointed as joint administrators.
In its most recent accounts, for the year to December 31 2022, it reported turnover of £10.4 million, roughly level with £10.8 million a year earlier, while cutting its post-tax losses from £1.8 million to £292,640.
The company’s directors stated in the report that the current economic environment was “challenging” for the firm, but added it was “well-placed to develop sales”. However, they added that the firm’s parent company “may be potentially sold to an undisclosed third party” and said that they were “not aware of the plans or future intentions in relation to the future operations of the company.”
At the time, its fixed assets were valued at £287,723 and current assets at £3.38 million, with net assets amounting to £518.352.
Geronimo Web Limited – June 26
Geronimo Web Limited, a website and digital marketing provider for dealerships and OEMs, fell into administration last month, with Alexander Kinninmonth and James Prior of FRP appointed as joint administrators.
In the company’s accounts for the year to July 31 2023, its fixed assets were valued at slightly over £1 million and current assets at £536,754. However, its net liabilities at the time totalled £1.8 million.
Levertech Engineering Services Limited – June 27
Levertech Engineering Services Limited, a provider of mechanical and electrical services to the commercial, industrial, HV and airport sectors, fell into administration in late June, with Andrew Poxon and Hilary Pascoe of Leonard Curtis appointed as joint administrators.
In the company’s accounts for the year to March 31 2023, its fixed assets were valued at £484,518, with current assets standing at £5.7 million. At the time, its net assets totalled approximately £1.8 million.
Dead Happy Limited – June 27
Dead Happy Limited, a life insurance firm based in Leicester, fell into administration during the final week of June, with Adam Stephens and Kevin Ley of Evelyn Partners appointed as joint administrators.
The administration follows a disastrous advertising campaign earlier this year, which led to the company being reprimanded by the Financial Conduct Authority (FCA) and the Advertising Standards Authority (ASA) and insurance partners cutting ties with the firm.
The company reportedly had revenue of around £2.5 million and over 25,000 active customer policies by 2023. In accounts for the year to July 31 2022, its fixed assets were valued at £220,064 and current assets at close to £4.7 million, with total equity of £3.5 million.
Find out more about insurance sector M&A
Hotel Van Dyk Limited – June 27
Hotel Van Dyk Limited, a hotel in Rotherham, fell into administration last week, with Charles Ranby-Gorwood of CRG Insolvency & Financial Recovery and Edward Wetton of Gibson Booth Business Solutions and Insolvency appointed as joint administrators. The administration follows two winding-up petitions issued earlier this year.
In the company’s accounts for the year to March 31 2023, its fixed assets were valued at slightly over £3 million and current assets at around the same value. At the time, its net assets totalled close to £2.7 million.
Read about UK hotel M&A trends
Infinity Media Promotions Limited – June 28
Infinity Media Promotions Limited, a leisure, travel and tourism company based in London, fell into administration in June, with Guy Hollander and Adam Harris of Forvis Mazars appointed as joint administrators.
In the company’s accounts for the year to March 31 2023, its assets were valued at slightly over £7 million. However, at the time, it owed creditors around £6.9 million, with net assets amounting to £189,242.
New Wave Foods Limited – June 28
New Wave Foods Limited, an Inverness-based seafood supplier specialising in seaweed, fell into administration last month, with Graham Smith and Callum Carmichael of FRP Advisory appointed as joint administrators.
In the company’s accounts for the year to July 31 2022, its fixed assets were valued at £311,205 and current assets at £862,023. At the time, its net assets amounted to £345,736.
Read about M&A in the UK’s seafood industry
Paradoxx Limited – June 28
Paradoxx Limited, a Belfast-based beauty company specialising in sustainable, vegan, plastic-free, cruelty-free beauty products, fell into administration last week, with James Neill and John Donaldson of KPMG appointed as joint administrators.
In the company’s accounts for the year to December 31 2022, its fixed assets were valued at £177,748 and current assets at around £2.4 million, while total net assets amounted to £105,714.
Find out about M&A trends in the beauty and cosmetics industry
Business Doctors Franchising Limited – June 28
Business Doctors Franchising Limited, a business development and management consultancy franchisor based in Warrington, fell into administration last week, appointing Thomas Grummitt and Andrew Smith of DSW Bridgewood as joint administrators.
In the company’s accounts for the year to March 31 2023, its assets were valued at around £470,000, but net liabilities totalled slightly over £66,000.
Beaufort House Services Limited – July 2
Beaufort House Services Limited, trading as Beaufort House Apartments, is a London-based property management company The firm fell into administration last week, with Benjamin Wiles and Sarah Rayment of Kroll Advisory appointed as joint administrators.
In the company’s accounts for the year to December 31 2022, its assets were valued at around £1.2 million, but at the time its net liabilities totalled close to £90,000.
Nailsea Electrical Limited – July 2
Nailsea Electrical Limited, a Bristol-based retailer of kitchen appliances, fell into administration last week, with Mark Boughey and Michael Field of Forvis Mazars appointed as joint administrators.
The family business had been operating for more than 40 years and had stores in Nailsea and Bristol. The company stated on social media that despite “working tirelessly to save the business” it had succumbed to economic pressure and entered administration.
In its accounts for the year to April 30 2022, its fixed assets were valued at close to £1.4 million and current assets at around £2.4 million, while net assets stood at £587,325.
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