UK administrations update: June 5 – 11

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.

GD&C Limited – June 5
GD&C Limited, a Manchester-based cafe operator trading as Gooey, fell into administration at the end of May, with Richard Williamson and Christopher Brindle of Campbell, Crossley & Davis appointed as joint administrators.

In its accounts for the year to March 31 2023, the firm’s fixed assets were valued at £327,164 and current assets at £64,156. However, the company’s debts left it with liabilities totalling nearly £65,000.

Old House Group Limited – June 5
Old House Group Limited, a construction developer based in London, fell into administration at the end of May, with Andrew Andronikou and Michael Kiely of Quantuma Advisory appointed as joint administrators.

In the company’s accounts for the year to February 28 2023, its fixed assets were valued at £2.36 million and current assets at £3.75 million. However, its net liabilities at the time totalled close to £2 million.

Redspur (Arundel) Limited – June 5
Redspur (Arundel) Limited, a London-based construction and real estate developer, fell into administration in late May, with Robert Horton of R2 Advisory appointed as the company’s administrator.

In its accounts for the year to December 31 2022, its current assets were valued at £6.2 million. However, its total liabilities stood at more than £680,000.

A T Promotions Limited – June 5
A T Promotions Limited, which trades as Listawood Promotional Products, a Kings Lynn-based manufacturer of branded corporate drinkware, fell into administration last week. Benjamin Peterson and Lee Causer of BDO LLP were appointed as joint administrators of the company.

The business, which traded across the UK and Europe, was said to have seen a “long-term decline in demand” as a result of Brexit and the COVID-19 pandemic, as well as seeing increased costs and various other “sector-specific challenges.”

Despite efforts to secure a sale of the business as a going concern, no viable interest was received and the joint administrators will now seek to maximise returns for creditors. In its accounts for the year to March 31 2022, the company’s fixed assets were valued at £831,343 and current assets at £5.1 million, while net assets stood at close to £1.2 million.

Charge Cars Limited – June 7
Charge Cars Limited, an electric car manufacturer based in West Drayton, fell into administration at the end of May, with Stephen Cork and Mark Smith of Cork Gully appointed as joint administrators.

In the company’s most recent accounts at Companies House, for the year to December 31 2021, it reported a post-tax loss of close to £4.6 million, increasing from a £3.1 million loss a year earlier. At the time, its fixed assets were valued at £13.4 million and current assets at £3 million, with total equity amounting to £13.7 million.

OEM Group (Scotland) Limited – June 7
OEM Group (Scotland) Limited, an oilfield services firm based in Aberdeen, fell into administration last month, with Donald McNaught and Richard Bathgate of Johnston Carmichael appointed as joint administrators.

The company, which employed 12 people, was said to have ceased trading after encountering cashflow pressures, with seven staff reportedly made redundant upon the appointment of administrators.

According to a report in industry publication Energy Voice, the company’s rental arm remains operational, while administrators are seeking buyers for its specialist rental fleet of offshore drilling tools.

In the company’s accounts for the year to March 31 2022, its fixed assets were valued at £4.9 million and current assets at £2.2 million, with total equity standing at just under £3 million.

Tenet Group Limited and subsidiaries – June 7
Tenet Group Limited, a leading financial adviser network, fell into administration last week along with three of its subsidiaries. Robert Spence, Edward Boyle and Howard Smith of Interpath Advisory were appointed as joint administrators of Tenet Group Limited, with Boyle and Spence also appointed joint administrators of subsidiaries Tenet Ltd, TenetConnect Ltd and TenetConnect Services Ltd.

Howard Smith said that the administrators would focus on winding down the business and were in contact with the FCA, FSCS and stakeholders. Two other subsidiaries, Tenet Mortgage Solutions Ltd and Tenet Compliance Services Ltd, have ceased to trade but have not entered administration. Tenet Financial Services Ltd is also not in administration, but has stopped carrying out regulated activities.

In its accounts for the year to September 30 2022, Tenet Group Limited reported revenue of £121.3 million, down from £157.4 million a year earlier. However, it also reported a post-tax profit of £4.7 million, having fallen to a £21.6 million loss a year earlier. At the time, its total equity amounted to £27.9 million.

OPX Logistics Limited – June 10
OPX Logistics Limited, a logistics firm based in Swindon, fell into administration last week, with Andrew Beckingham and Sean Ward of Leonard Curtis appointed as joint administrators.

In its accounts for the period from August 1 2022 to December 31 2022, the company reported turnover of £6.5 million, compared to £15.5 million in the year to July 31 2022, while falling from a £987,843 post-tax profit to a loss of £47,186.

The company stated earlier this year that it had faced challenges over the past 12 months due to COVID-19 and a period of considerable growth. In its most recent accounts, fixed assets were valued at £3.6 million and current assets at £3.8 million, with net assets standing at just over £1 million.

Find out more about the challenges facing UK haulage companies

Grand Central Sound Studios Limited – June 10
Grand Central Sound Studios Limited, a sound design studio in West London, fell into administration last week, with Ben Stanyon and Nedim Ailyan of FRP Advisory appointed as joint administrators.

In its accounts for the year to March 31 2023, the studio’s fixed assets were valued at £2.2 million and current assets at £1.2 million, while net assets amounted to £1.1 million.

Inform CPI Limited – June 10
Inform CPI Limited, a London-based provider of online and cloud-based rating solutions and services, fell into administration at the beginning of June, with Louise Brittain, Matthew Richards and Jonathan Amor of Azets appointed as joint administrators.

In the company’s most recent accounts, for the year to September 29 2022, its fixed assets were valued at £273,696 and current assets at £5.8 million, with net assets standing at £4.1 million.

Tevva Motors Limited – June 11
Tevva Motors Limited, a manufacturer of electric trucks headquartered in Essex, fell into administration last week, with Lee Manning, Ben Woodthorpe and Cameron Gunn of Resolve Advisory appointed as joint administrators.

The company, which began production of its 7.5 tonne electric truck last year, filed a notice of intention (NOI) to appoint administrators in May. This came several months after a proposed merger with US firm ElectraMeccanica collapsed, leading to a lawsuit between the companies.

At the time of filing the NOI, the company said that despite “positive consumer interest [...] current global economic conditions have created a challenging environment for electric vehicle startups.”

Its most recent accounts at Companies House cover the year to December 31 2020, during which time the company reported audited revenue of £377,021, down from £1.18 million a year earlier, while incurring a £4.77 million post-tax loss. At the time, its net liabilities totalled £706,322.

Find out more about Tevva Motors’ collapse

Flit Technologies Limited – June 11
Flit Technologies Limited, which trades as Karhoo, is a comparison service for taxis and private hire vehicles. The company fell into administration at the end of May, with Anthony Wright and Alastair Massey of FRP Advisory appointed as joint administrators.

The company, which was owned by Renault, said in a statement last month that the business was “no longer financially viable” and that it had “therefore become necessary to enter an administration process.”

In its accounts for the year to December 31 2022, the company reported revenue of £2.7 million, up from £2.18 million a year earlier, but fell to an £18.3 million post-tax loss, compared to a £26.9 million loss a year earlier.

At the time, its non-current assets were valued at £13.19 million and current assets at £5.6 million. However, its net liabilities totalled £56.4 million at the time.

Radically Digital Limited – June 11
Radically Digital Limited, a digital consultancy based in Berkshire, fell into administration at the start of June, with Irvin Cohen and Kirstie Provan of Begbies Traynor appointed as joint administrators.

In its accounts for the year to December 31 2022, the company’s fixed assets were valued at £1.28 million and current assets at £1.08 million, with net assets amounting to £1.3 million.

Morrison McConnell Limited – June 11
Morrison McConnell Limited, an East Midlands-based online menswear supplier, fell into administration last week, with Kim Richards and Richard Tonks of BK Plus appointed as joint administrators.

Administrators stated that the company had faced “considerable challenges” as a result of increasing costs in the wake of Brexit. However, the company will continue trading while the joint administrators seek a buyer.

In its accounts for the year to December 31 2022, the firm’s fixed assets were valued at £53,433 and current assets at around £606,000. However, at the time, it owed creditors approximately £953,162, with its net liabilities amounting to £293,821.

Find out more about Morrison McConnell’s collapse


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