UK administrations update: March 11 – 18

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.

Nustone Products Limited – March 11
Nustone Products Limited, a paving products specialist based in Islip, fell into administration during the first week of March, with Nick Cusack and Tommaso Ahmad of Bailey Ahmad appointed as joint administrators.

In accounts for the year to March 31 2024, the company reported turnover of £16.4 million, up from around £12.4 a year earlier, while its post-tax profits remained level at approximately £1.2 million.

At the time, its fixed assets were valued at around £940,000 and current assets at £12.8 million, with total equity coming in at slightly under £3 million.

The Sure Chill Company Limited – March 12
The Sure Chill Company Limited, a Cardiff-based refrigeration technology specialist, fell into administration earlier this month, with Richard Bloomfield and Philip Reynolds of FRP Advisory appointed as joint administrators.

In accounts for the year ending March 31 2024, the company’s fixed assets were valued at nearly £1.3 million and current assets at around £1.6 million, with net assets amounting to £633,000.

JVS (UK) Limited – March 12
JVS (UK) Limited, a South Yorkshire-based manufacturer of high pressure hose assemblies, fell into administration earlier this month, with Danielle Shore and Stephen Beverley of Leonard Curtis appointed as joint administrators.

In accounts for the year to March 31 2024, the company’s fixed assets were valued at around £66,000 and current assets at £1.9 million, with net assets amounting to slightly over £222,000.

Mutt Motorcycles Limited – March 13
Mutt Motorcycles Limited, a London-based motorcycle manufacturer and lifestyle store, fell into administration in early March, with David Shambrook and Matthew Haw of RSM UK appointed as joint administrators.

In accounts for the year to February 29 2024, the company’s fixed assets were valued at slightly over £831,000 and current assets at around £4 million, with net assets amounting to £2.1 million.

Selsea Fish & Lobster Co. Limited – March 13
Selsea Fish & Lobster Co. Limited, a London-based seafood processing company, fell into administration last week, with Nicholas Simmonds and Chris Newell of Quantuma Advisory appointed as joint administrators.

In accounts for the year to March 31 2024, the company’s fixed assets were valued at close to £1.5 million and current assets at slightly over £753,000. Net assets amounted to around £1.1 million.

YSJ01 Limited – March 13
YSJ01 Limited, a Pinner-based real estate investment company, fell into administration last week, with Edward Avery-Gee and Daniel Richardson of CG & Co appointed as joint administrators.

In accounts for the year to October 31 2023, the company’s current assets were valued at around £10.8 million and total equity at £1.7 million.

Parkside Group Limited (The) - March 14
Parkside Group Limited (The), a building solutions group trading as The Parkside Group, fell into administration last week, appointing Guy Hollander and Patrick Lannagan of Forvis Mazars as joint administrators.

In accounts for the year ending December 31 2023, the group reported turnover of around £17.8 million, down slightly from £18.1 million a year earlier, while retained earnings dipped from £3.3 million to £2.9 million.

At the time, the firm’s total assets stood at close to £10 million, with net assets amounting to around £3 million.

Marbank Construction Limited – March 14
Marbank Construction Limited, a West Byfleet-based principal contractor in the construction industry, fell into administration earlier this month, with Kelly Burton and Joseph Fox of FRP Advisory appointed as joint administrators.

In accounts for the year to July 31 2023, the company reported turnover of £66.8 million, up from around £59.3 million a year prior, and post-tax profits of £712,000, up from £352,000. At the time, its current assets were valued at £26.5 million and net assets at around £9.7 million.

Atlas Leisure Homes Limited – March 14
Atlas Leisure Homes Limited, a Hull-based luxury caravan maker, fell into administration last week, with Mark Hodgett and Allan Kelly of FRP Advisory appointed as joint administrators.

Mark Hodgett stated that, despite the industry experiencing a boom during the COVID-19 pandemic, demand has been falling and the business was “unable to continue trading solvently without new investment.”

In accounts for the year to September 30 2023, the company reported turnover of around £68.7 million, down from £71.9 million a year earlier, while post-tax profits fell from £2.4 million to slightly under £64,000.

At the time, its fixed assets were valued at £3.9 million and current assets at approximately £32.5 million, with net assets amounting to £13.5 million.

Wellesley Group Limited and Wellesley Group Investors Limited – March 14
Wellesley Group Limited, an alternative property investment platform, fell into administration alongside group holding company Wellesley Group Investors Limited, last week, with Damian Webb and Stephanie Sutton of RSM UK appointed as joint administrators of both firms.

In accounts for the year to December 31 2022, the group reported total operating income of £5 million, down from £11.7 million a year earlier, and fell to a loss of £567,000, compared to a £13.4 million profit the previous year.

At the time, its total assets were valued at £33.8 million, with total equity standing at £24.1 million.

County Plant Hire Limited – March 14
County Plant Hire Limited, a Leicestershire-based plant and tool hire business previously trading as Marriott Plant Limited, fell into administration last week, with John Rimmer and Lauren Auburn of BRI Business Recovery and Insolvency appointed as joint administrators.

In accounts for the year to July 31 2023, while still trading as Marriott Plant Limited, the business’ fixed assets were valued at around £10.3 million and current assets at £1.5 million, with net assets amounting to nearly £2.1 million.

Luxury Home Design Group Limited – March 17
Luxury Home Design Group Limited, a Manchester-based group of homeware and interior brands, fell into administration last week, with David Riley and Mark Blackman of Kroll Advisory appointed as joint administrators.

In accounts for the year to February 29 2024, the company’s fixed assets were valued at around £94,000 and current assets at approximately £986,000. However, its net liabilities at the time amounted to nearly £640,000.

United Authors Publishing Limited – March 18
United Authors Publishing Limited, a book publishing company trading as Unbound, fell into administration last week, with Allister Manson and Charles Turner of Opus Restructuring appointed as joint administrators.

The on-demand publisher, which produces books via a crowdfunding system, with customers pledging cash prior to publication, has reportedly failed to pay some authors and freelancers for up to a year. According to the company, payment issues were a result of cash flow issues and a failure to raise sufficient capital last year.

In accounts for the year to March 31 2024, the company’s fixed assets were valued at around £155,000 and current assets at £2.2 million, with net assets standing at slightly over £31,000.

C-Plan Telecommunications Limited – March 18
C-Plan Telecommunications Limited, a telecommunications and civil engineering specialist based in Broxburn, fell into administration last week, with Michelle Elliot and Callum Carmichael of FRP Advisory appointed as joint administrators.

In accounts for the year to October 31 2023, the company reported turnover of £23 million, up from £15.9 million a year earlier, while more than doubling its post-tax profits from approximately £390,000 to around £844,000.

At the time, its fixed assets were valued at £762,718 and current assets at £6.8 million, with net assets totalling £2.3 million.


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