UK administrations update: May 28 – June 4

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.

Ioconic Limited – May 28
Ioconic Limited, a venture studio that creates, funds and grows companies working in consumer experiences, fell into administration in late May. Edward Avery-Gee and Daniel Richardson of CG&Co were appointed as joint administrators of the London-based firm.

In its accounts for the year to March 31 2023, the company’s fixed assets were valued at £26.8 million and current assets at £3.6 million. However, debts left it with total equity amounting to around £1.5 million.

SS Groundworks (Derbyshire) Limited – May 29
SS Groundworks (Derbyshire) Limited, a South Yorkshire-based construction firm specialising in new build housing, vacuum excavation and drainage solutions, fell into administration on May 20, with the Gazette confirming the appointment of Jonathan Philmore of Philmore & Co as administrator on May 29.

In the company’s accounts for the year to March 31 2023, its fixed assets were valued at close to £464,000 and current assets at slightly over £909,000. At the time, its net assets were valued at just under £527,000.

Find out more about how insolvencies are impacting the construction sector

Tactus Holdings Limited – May 29
Tactus Holdings Limited, the holding company and parent of a group comprising a wide range of companies selling innovative technology products across a variety of channels, fell into administration last month, with Michael Lennon and Mark Blackman of Kroll Advisory appointed as joint administrators.

The company, which has three divisions – Direct-to-Consumer, B2B and Retail, operates a buy-and-build growth strategy. Its administration comes five months after the collapse of one of its subsidiaries, Box.co.uk. Tactus had acquired Box.co.uk for £32 million and, following the company’s collapse, sued its former owners for allegedly overinflating its value.

In Tactus Holdings’ most recent accounts at Companies House, for the year to March 31 2022, it reported gross sales of £121.4 million, up from £43.2 million a year earlier, but EBITDA fell 78 per cent from £3.2 million in 2021 to £0.7 million. At the time, its net debt amounted to £2.2 million.

King Contract Services Limited – May 29
King Contract Services Limited, a construction recruitment firm based in Hove, fell into administration in May, with James Snowdon and Georgina Eason of MacIntyre Hudson appointed as joint administrators.

In the company’s accounts for the year to June 30 2022, its total assets were valued at close to £2.4 million, with net assets standing at £212,556.

Find out more about dealmaking in the recruitment sector

Saltees Properties Limited – May 29
Saltees Properties Limited, a property development and construction firm formerly trading as Mizen Properties Limited, fell into administration last month, with Glyn Mummery and Emma Priest of FRP Advisory appointed as joint administrators.

In the company’s most recent accounts at Companies House, for the year to December 31 2021, it reported turnover of £23.1 million, down from £27.3 million a year earlier, while its post-tax losses widened from £570,000 to nearly £4.7 million.

The company said it had been impacted by Brexit and COVID-19, which “resulted in a subdued property sales market”, as well as building price inflation, supply chain disruption and disputes on social housing contracts.

At the time, its fixed assets were valued at close to £541,000 and current assets at £5.3 million. Its net assets, meanwhile, amounted to £3.7 million.

Roberto Costa (Exmouth) Limited – May 29
Roberto Costa (Exmouth) Limited, the trading name of the Exmouth Market site in the Macellaio RC restaurant chain, fell into administration in May, with Nick Parsk and Kalani Gunawardana of Oury Clark Chartered Accountants appointed as joint administrators.

The business’ collapse comes approximately a month after the administration of Macellaio RC’s Soho restaurant – Roberto Costa Soho Limited. In Roberto Costa (Exmouth) Limited’s most recent accounts at Companies House, for the year to December 31 2022, its fixed assets were valued at close to £502,000 and current assets at £956,179. At the time, its net assets were valued at £856,520.

Read more about M&A trends in the hospitality sector

The Haulage Group Limited – May 29
The Haulage Group Limited, a haulage and freight transport business based in Sutton Coldfield, fell into administration last week, with Daniel Richardson, Edward Avery-Gee and Nick Brierley of CG&Co appointed as joint administrators.

In the company’s accounts for the period from June 1 2022 to May 31 2023, its fixed assets were valued at £5.4 million and current assets at £2.7 million. At the time, its net assets were valued at £2.18 million.

Find out more about rising insolvencies in the haulage industry

Thames Cash & Carry Limited – May 30
Thames Cash & Carry Limited, an independent wholesaler serving retailers and caterers across the South West of England, fell into administration in late May, with Andrew Duncan and Marco Piacquadio of FTS Recovery appointed as joint administrators.

In the company’s abridged accounts for the period from August 1 2021 to March 31 2022, its fixed assets were valued at £5.27 million and current assets at £5.3 million. At the time, its net assets were valued at close to £6.8 million.

Phoenix Cellular Limited – May 30
Phoenix Cellular Limited, an Essex-based retailer of refurbished mobile phones, fell into administration last month, with Dominik Thiel-Czerwinke and Louise Baxter of Begbies Traynor appointed as joint administrators.

In the company’s accounts for the year to December 31 2022, its turnover stood at £20.2 million, down from £25.4 million a year earlier, while its post-tax losses widened from £177,000 to £2.7 million.

In the report, the company stated that the challenges of COVID-19 and Brexit had been compounded by Russia’s invasion of Ukraine, which led to suppressed demand in its key EU markets.

At the time, its fixed assets were valued at £118,000 and current assets at £6.5 million, however, net liabilities amounted to £2.6 million.

RMB Commercials Limited – May 30
RMB Commercials Limited, a repair and maintenance company for commercial vehicles headquartered in Oldbury, fell into administration in late May, with Robert Dymon and Craig Povey of Begbies Traynor appointed as joint administrators.

In the company’s accounts for the year to February 28 2023, its fixed assets were valued at £364,693 and current assets at £1.3 million. However, at the time, its net liabilities totalled £53,573.

Xihelm Limited – May 31
Xihelm Limited, a company developing AI-driven automation solutions for the agrifood technology industry, fell into administration last week, with Gareth Peckett and Michael Chamberlain of Quantuma appointed as joint administrators.

In its most recent accounts, for the year ending December 31 2022, the Poole-based company’s fixed assets were valued at £229,838 and current assets at £1.18 million, with net assets amounting to £371,011.

When innovative companies fall into administration, their most valuable assets are often intellectual property

Bowie Construction Limited – June 1
Bowie Construction Limited, a groundworks specialist based in Linton, fell into administration last week after filing an NOI at the beginning of April. Frank Wessely and Jo Leach of Quantuma were appointed as joint administrators.

The company, which had been working on several ongoing projects at the time of its collapse, reportedly fell into administration as a result of cashflow issues arising from a major contract that was not paying.

In its accounts for the year to December 30 2022, the firm reported turnover of £14.6 million, up from £11.5 million a year earlier, but saw its losses more than double to nearly £1 million. This was attributed to cost inflation of fixed price jobs that had been agreed prior to the COVID-19 pandemic.

Find out more about Bowie Construction’s administration

G.E. Starr Limited – June 3
G.E. Starr Limited, an engineering company that supplies metal pressings, assemblies, toolmaking and laser cutting, fell into administration last month, with Craig Povey and Gareth Prince appointed as joint administrators.

In its accounts for the year to March 31 2023, the Birmingham-based company’s fixed assets were valued at slightly over £298,000 and current assets at around £2 million, with net assets amounting to approximately £300,000.

Istidama Limited – June 3
Istidama Limited, a Cheshire-based manufacturer and stockist of a unique patent pending four-wall offsite construction system, fell into administration in late May, with Simon Carvill-Biggs and Paul Allen of FRP Advisory appointed as joint administrators.

In the company’s accounts for the year to June 30 2022, its fixed assets were valued at £2.7 million and current assets at close to £3.1 million, with total equity standing at £2.9 million.

Getti Limited – June 4
Getti Limited, a chain of Italian restaurants and bars in London, fell into administration last month, with Asher Miller and Stephen Katz of Begbies Traynor appointed as joint administrators.

In the company’s accounts for the period from December 29 2021 to December 25 2022, its fixed assets were valued at £1.88 million and current assets at slightly over £1 million. However, its net liabilities totalled £244,359.

F.R. Shadbolt and Sons Limited – June 4
F.R. Shadbolt and Sons Limited, an Essex-based manufacturer of architectural veneered panels and performance doors and doorsets, fell into administration last month, with Irvin Cohen and Kevin Murphy of Begbies Traynor appointed as joint administrators.

In the company’s accounts for the year to December 31 2022, it reported turnover of close to £12.2 million, up from £9.4 million a year earlier, but saw its operating losses widen considerably from £34,909 to £559,620.

The company stated that the COVID-19 pandemic had “affected the planning and commissioning of new construction projects” in 2020 and 2021, with these delays leading to “a reduction in project availability during 2022”. The firm added that Russia’s invasion of Ukraine led to subsequent issues around the cost and availability of construction raw materials.

At the time, its fixed assets were valued at £591,245 and current assets at £3.4 million, with total equity standing at £2.5 million.

Find out more about emerging M&A trends in the manufacturing sector

Ritchies H.G.V. Training Centre Limited – June 4
Ritchies H.G.V. Training Centre Limited, a Glasgow-based firm specialised in training HGV drivers for haulage, construction plant and forklifts, fell into administration last week, with Michelle Elliot and Callum Carmichael of FRP Advisory appointed as joint administrators.

The company, which was founded more than 40 years ago, had suffered in the wake of the COVID-19 pandemic, with its issues exacerbated by the ongoing downturn in the construction industry.

Administrators are now marketing the firm’s assets for sale. In its accounts for the year to May 31 2022, fixed assets were valued at £927,042 and current assets at £225,865, with net assets amounting to £181,670.

Find out more about Ritchies HGV’s collapse here


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