Tue, 14 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.
New View Window Systems Limited – May 8
New View Window Systems Limited, a Wigan-based supplier of windows and doors to the new build sector, fell into administration earlier this month, appointing Sean Williams and Richard Pinder of Leonard Curtis as joint administrators.
In the company’s accounts for the year to June 30 2022, it reported turnover of £12.4 million, up from £10.6 million a year earlier, while its post-tax profits more than tripled from £316,221 to £987,431.
However, in that report, the directors stated that, since Brexit and COVID-19, the company had experienced “a constant flow of shortages of materials, alongside price increases and surcharges on all products”, adding that it had “become a regular task to pass on all of these to our customers.”
At the time, the company’s total assets were valued at around £9.8 million, with net assets standing at £5.4 million.
Phoelex Limited – May 8
Phoelex Limited, an IT services firm based in London, fell into administration at the beginning of May, with Richard Bloomfield and Geoffrey Rowley of FRP Advisory appointed as joint administrators.
In the period from November 1 2022 to July 31 2023, the company reported an operating loss of £3.1 million. At the time, its assets were valued at close to £1.1 million, but its net liabilities amounted to £122,222.
Go Modular Technologies (UK) Limited – May 8
Go Modular Technologies (UK) Limited, a bespoke modular construction specialist based in Southampton and operating across the South of England, fell into administration earlier this month, appointing Christopher Andersen of AABRS Limited as administrator.
In the company’s accounts for the year to March 31 2023, its fixed assets were valued at £1.4 million and current assets at £1.8 million, with net assets amounting to £1.6 million.
JME Developments Limited – May 8
JME Developments Limited, a construction company based in Corby, Northamptonshire, fell into administration at the end of April, with the Gazette confirming the appointment of Rachel Fowler of Rachel Fowler Advisory as administrator last week.
In the company’s accounts for the year to August 29 2022, its total assets were valued at around £15.1 million, with net assets standing at £7.5 million.
Atlantic Steel Processing Limited – May 9
Atlantic Steel Processing Limited, a steel processing business based in Birkenhead, fell into administration and ceased trading earlier this month, with Richard Goodall and Martyn Rickels of FRP Advisory appointed as joint administrators.
The company experienced cash flow difficulties that affected its ability to operate, with its struggles primarily resulting from falling demand. An accelerated M&A process failed to secure a sale of the business as a going concern and the joint administrators will now focus on selling the company’s assets while winding operations down.
In its accounts for the year to December 31 2022, Atlantic’s fixed assets were valued at £2.2 million and current assets at £47.8 million, with total equity standing at £26.6 million, compared to £18.2 million a year earlier.
Find out more about Atlantic Steel Processing's administration
Osborne Group – May 9
Four companies across the Osborne Group fell into administration at the beginning of May, as the construction giant succumbed to a range of headwinds that it has faced over recent years.
Damian Webb and David Shambrook of RSM Restructuring Advisory were appointed as joint administrators of Osborne Group Holdings Limited, Geoffrey Osborne Limited, Osborne Homes Limited and Osborne Construction Limited.
According to Webb, the group’s failure was “attributable to the macro-economic challenges the company has faced since Covid and the consequent loss of confidence in the sector from investors and funders.”
The group has been undertaking significant restructuring efforts over recent years, selling three of its divisions as it sought to focus on its core construction business, whilst also attempting to secure new investment.
Despite “a substantive improvement in performance” and a strong pipeline of work, the group has been unable to secure the required investment to continue trading as a going concern.
McEvoy Engineering Limited – May 10
McEvoy Engineering Limited, a steel fabrication, pipework, welding and integrated engineering solutions specialist based in Glasgow, fell into administration earlier this month, with James Stephen and Lee Causer of BDO appointed as joint administrators.
In the company’s accounts for the year to January 31 2023, its fixed assets were valued at £588,624 and current assets at slightly over £1 million. At the time, the firm’s net assets amounted to £1.1 million.
CambCol Limited – May 13
CambCol Limited, a Cambridge-based manufacturer of medical collagen products, fell into administration at the beginning of May, with Craig Povey and Gareth Prince of Begbies Traynor appointed as joint administrators.
In the company’s accounts for the year ending December 31 2022, its fixed assets were valued at £740,859 and current assets at £452,866. However, at the time, the company’s net liabilities totalled close to £1.75 million.
C.G. Cleaning Limited – May 13
C.G. Cleaning Limited, a commercial window cleaning provider based in Bolton, fell into administration last week, with Phil Deyes and Sean Williams of Leonard Curtis’ Leeds office appointed as joint administrators.
In the company’s accounts for the year to December 31 2022, its total assets were valued at around £1.9 million, with net assets amounting to £734,281.
Abra Wholesales Limited – May 13
Abra Wholesales Limited, a supplier of products for off-licence stores and caterers, fell into administration earlier this month, with Philip Armstrong and Philip Watkins of FRP Advisory appointed as joint administrators.
In March 2024, the company’s director Dee Thaya confirmed that he was seeking to sell the business “as soon as possible” due to personal circumstances. The company has a depot in Edmonton, North London and has been operating since 2003.
In the company’s accounts for the year to March 31 2023, it reported turnover of £52.2 million, up from £45.7 million a year earlier, but saw its post-tax profits fall from £337,303 to £141,202.
At the time, its fixed assets were valued at slightly over £500,000 and current assets at £12.4 million, while net assets stood at £2.4 million.
Hoopla Animation Limited – May 13
Hoopla Animation Limited, an animation studio previously known as Daisy Boo & Monkey Too Limited, fell into administration at the beginning of May, with Lloyd Hinton of Insolve Plus appointed as administrator.
In the company’s accounts for the period from May 31 2022 to November 30 2022, its fixed assets were valued at £8.4 million and current assets at £431,135. At the time, its net assets amounted to £5.4 million.
Find out more about M&A in the UK’s film and TV industry
Mixit Concrete Limited – May 13
Mixit Concrete Limited, a ready mix concrete supplier based in London, fell into administration last week, with Alan Clark of Carter Clark appointed as administrator.
The company had been operating since 1983 and had plants in Edmonton, Barking and Tilbury. In its accounts for the year to September 30 2021, it reported turnover of £21.8 million, up from £18.5 million, but fell to a pre-tax loss of close to £700,000.
At the time, the company’s fixed assets were valued at slightly over £7 million and current assets at £6.3 million. However, its debts left it with net liabilities of nearly £440,000.
Viva Brazil Restaurants Limited – May 14
Viva Brazil Restaurants Limited, a chain of Brazilian steakhouses with locations in Cardiff and Liverpool, fell into administration earlier this month, with Lila Thomas and David Acland of FRP Advisory appointed as joint administrators. Earlier this year, the company had unexpectedly closed one of its restaurants in Glasgow.
In its accounts for the year ending October 2 2022, the company’s fixed assets were valued at £1.1 million and current assets at £167,000. However, the company’s debts at the time meant that net liabilities totalled £2.8 million.
Hospitality M&A could be poised to increase this year
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