Tue, 21 May 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.
Friendship Adventure Limited – May 15
Friendship Adventure Limited is a craft beer microbrewery and taproom based in Brixton, South London. The company fell into administration earlier this month, appointing Allister Manson and Trevor Binyon of Opus Restructuring as joint administrators.
In the company’s accounts for the year to May 31 2022, its fixed assets were valued at £184,666. However, at the time, its net current liabilities stood at £212,339, with net liabilities totalling just under £101,000.
Find out more about the numerous challenges facing UK craft breweries
Wearside Contractors Limited – May 16
Wearside Contractors Limited, a construction contractor based in Hartlepool, fell into administration earlier this month, with Martyn Pullin and David Willis of FRP Advisory appointed as joint administrators.
Speaking to industry publication Construction News, Wearside Contractors director Anthony Fallow attributed the firm’s collapse to a lack of orders, saying that the firm had “tendered for a lot of work but it came crashing down in a fortnight” and that it “couldn’t sustain another month of overheads.”
Fallow added that the company had just one job in progress at that time it filed for administration, which was at the practical completion stage.
In the company’s accounts for the year to March 31 2023, its assets were valued at around £474,000, but net assets amounted to just under £5,500.
Read more about insolvencies in the UK construction sector
Environmental Roofing Services Limited – May 16
Environmental Roofing Services Limited, a Manchester-based roofing and renewables company, fell into administration this month, with Claire Middlebrook of Middlebrooks Business Recovery & Advice and Stuart Rathmell of Stuart Rathmell Insolvency appointed as administrators.
In the company’s accounts for the year to November 30 2022, its fixed assets were valued at £656,484 and current assets at £1.4 million, with net assets amounting to £218,809.
High Wycombe Developments Limited – May 16
High Wycombe Developments Limited, a property development firm based in Beaconsfield, fell into administration in early May, with Sean Bucknall and Simon Campbell of Quantuma Advisory appointed as joint administrators.
In the company’s accounts for the year to September 30 2021, its turnover was £18.2 million, down from close to £40.7 million a year earlier, and it reported a pre-tax loss of £29,000, compared to a £346,000 profit in 2020.
At the time, the company’s current assets were valued at close to £5 million, but its net liabilities amounted to over £1.1 million.
Presteigne Broadcast Hire Limited – May 16
Presteigne Broadcast Hire Limited, a Crawley-based supplier of broadcasting equipment hire for the film and production industry, fell into administration last week, with Steve Absolom and Will Wright of Interpath Advisory appointed as joint administrators.
The company will continue trading while administrators assess its options, including the potential sale of the business as a going concern, with Absolom saying that they had received “a number of expressions of interest” in the business and expected more.
In its accounts for the year to September 30 2022, the firm’s fixed assets were valued at £9.5 million and current assets at £2.8 million. However, its net liabilities at the time stood at more than £3.4 million.
Read more about this story: Administrators appointed at broadcasting equipment hire firm
Halsall Construction Limited – May 17
Halsall Construction Limited, a construction contractor based in Bath, fell into administration last week, with Andrew Hook and Julie Palmer of Begbies Traynor appointed as joint administrators.
The company, which forms part of Shepperton Group, was founded in 1974 and specialises in new build and refurbishment projects of up to £25 million in the residential, health, commercial, education and care and retirement sectors.
In its accounts for the year to September 30 2022, the company saw its turnover fall from £41 million to £28.8 million, while it went from a profit of £351,370 to a loss of £2.26 million. At the time, its fixed assets were valued at close to £1.2 million and current assets at £10.2 million, with net assets amounting to £35,718.
R K N Aluminium Limited – May 17
R K N Aluminium Limited, a manufacturer of aluminium windows and doors, fell into administration in early May, with Michael Solomons and Andrew Pear of Moorfields appointed as administrators.
The company, which is based near Melton Mowbray, moved into a new 13,500 sq ft purpose-built headquarters last year as it sought to continue its growth and profitability following major cost increases during 2021/22.
In its accounts to August 31 2022, its fixed assets were valued at £85,699 and current assets at £1.8 million, with net assets amounting to £302,855.
F.A.Gill.Limited - May 20
F.A.Gill.Limited, a family-run meat processing firm based in Wolverhampton, fell into administration last week, appointing Mike Dillon and Rochelle Schofield of Leonard Curtis as joint administrators.
In its most recent accounts, for the year to September 30 2021, the company reported turnover of £39.4 million, down from £42.7 million in 2020, while it fell from a pre-tax profit of £140,254 to a pre-tax loss of £193,277.
At the time, its fixed assets were valued at slightly over £4 million and current assets at £7.58 million, with total equity amounting to £8.08 million.
The How Development 2 Limited – May 21
The How Development 2 Limited, a building project developer based in St Ives, fell into administration last week, with Mark Blackman and James Saunders of Kroll Advisory appointed as joint administrators.
In its accounts for the year to October 31 2022, the company’s current assets were valued at £5.3 million, but its debts left it with net liabilities totalling £8,900.
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