UK administrations update: November 12 – 19

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.

Troy Central Limited – November 12
Troy Central Limited, a refurbishment contractor based in Bury St Edmunds, fell into administration, earlier in November, with David Smith and Oliver Haunch of Grant Thornton appointed as joint administrators.

Despite posting record revenues of £37.9 million in the year to August 31 2023, the group’s gross profit margin fell from 13.1 per cent to 10 per cent, with directors citing “wider uncertainties” in the construction sector, including inflation, “challenging contracts” and a competitive market. At the time, its total assets were valued at around £18.1 million, with net assets amounting to £1.3 million.

Find out more about Troy Central’s collapse

CSW Process Limited – November 12
CSW Process Limited, a West Yorkshire-based civil engineering firm serving the district heating sector, fell into administration last week, appointing Howard Smith and Richard Harrison of Interpath Advisory as joint administrators.

The company collapsed following long-running trading difficulties, which were exacerbated by a loss-making contract and, more recently, delayed contract start dates. These factors had a detrimental impact on cashflow and lead to a need to raise additional funding.

Directors ultimately decided that a solvent solution was not possible and sought the appointment of administrators. The joint administrators will undertake an orderly wind-down of the business and explore the value of the remaining contracts, with BPI Auctions engaged to support the sale of its assets.

In amended accounts for the year to November 30 2023, the company’s fixed assets were valued at nearly £1.7 million and current assets at slightly over £2 million, with net assets amounting to around £1.35 million.

John Truswell & Sons (Garage) Limited – November 12
John Truswell & Sons (Garage) Limited, a haulage and distribution firm based in Barnsley, fell into administration last week, appointing Mark Thornton and Simon Girling of BDO as joint administrators.

In accounts for the year to July 31 2022, the company reported turnover of approximately £12.2 million, up from around £10.6 million a year earlier, while seeing pre-tax profits dip from £430,440 to £387,545.

At the time, its fixed assets were valued at around £6 million and current assets at £7.8 million, with total equity coming to £5.3 million.

European Living Retail Limited – November 14
European Living Retail Limited, trading as BoConcept Scotland, a Danish furniture retailer based in Glasgow, fell into administration earlier this month, appointing John Hedger of Seneca IP as administrator.

In accounts for the year to March 31 2023, the company’s fixed assets were valued at around £951,000 and current assets at approximately £1.7 million. Net liabilities amounted to just under £40,000.

Accumix Concrete Limited – November 14
Accumix Concrete Limited, a West Midlands-based supplier of concrete to the construction and civil engineering industries, fell into administration last week, with Mark Bowen of MB Insolvency appointed as administrator.

In accounts for the year to December 31 2022, the company’s fixed assets were valued at £3.3 million and current assets at slightly over £2 million, while net assets amounted to around £452,000.

Hampden Group Limited and HHGL Limited – November 15/19
Hampden Group Limited and HHGL Limited, companies trading as home improvement giant Homebase, fell into administration last week, with Gavin Park, Gavin Maher and Adele MacLeod of Teneo Financial Advisory appointed as joint administrators.

Upon the appointment of the joint administrators, CDS Superstores – owner of The Range and Wilko – acquired 70 of Homebase’s stores, along with its brand and intellectual property. However, the future of the brand’s 49 remaining stores remains uncertain, with administrators saying they are in continuing talks with interested parties.

In accounts for the year to January 1 2023, Hampden Group reported turnover of around £44 million, down from roughly £51 million a year earlier, but cut its post-tax losses from £62.7 million to £815,000. At the time, its net liabilities amounted to £7.5 million.

During the same period, HHGL Limited reported turnover of £701 million, down from £788 million a year earlier, and plunged from a post-tax profit of nearly £30 million to a loss of more than £84 million. Its net liabilities at the time totalled nearly £536 million.

Brilliant Planet Limited – November 18
Brilliant Planet Limited, a carbon capture technology firm based in Harpenden, fell into administration last week, with David Kemp and Richard Hunt of SFP Restructuring appointed as joint administrators.

In accounts for the year ending December 31 2023, the company’s fixed assets were valued at £2.8 million and current assets at approximately £4.1 million, with net assets amounting to around £3.9 million.

Architectural Panel Solutions Limited – November 19
Architectural Panel Solutions Limited, a cladding manufacturer based in St. Leonards-On-Sea, fell into administration last week, with David Hudson and Philip Armstrong of FRP Advisory appointed as joint administrators.

In the company’s accounts for the year to December 31 2023, its fixed assets were valued at £2.9 million and current assets at £2.4 million. However, its net liabilities at the time totalled slightly over £2 million.


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