Tue, 29 Oct 2024 | ADMINISTRATION
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.
Dale (Mansfield) Limited – October 23
Dale (Mansfield) Limited, a Mansfield-based manufacturer, fell into administration earlier this month, appointing Richard Pinder and Sean Williams of Leonard Curtis as joint administrators.
According to the joint administrators, the company collapsed after an unsuccessful marketing campaign to find a buyer or investor last year. Richard Pinder said that the company’s “financial and operational position was such that there was no realistic prospect of avoiding a cessation of trade and there was insufficient working capital or work in progress to support continued trade, even in the immediate short term.”
In accounts for the year to December 31 2023, the company’s fixed assets were valued at slightly over £1 million and current assets at around £617,000. Significant debts, however, meant that its net assets amounted to approximately £395,000.
Find out about emerging trends in manufacturing M&A
Nikal Limited – October 23
Nikal Limited, a property development company based in Manchester, fell into administration earlier in October, with Paul Stanley and Mark Weekes of Begbies Traynor appointed as joint administrators.
Nikal was the developer overseeing the proposed Blackpool Central leisure complex scheme, a £300 million regeneration project near the city’s Golden Mile. It is thought that there is optimism a new developer will be found to continue the project.
In accounts for the year to March 31 2023, Nikal Limited reported turnover of around £54.7 million, up from £48.2 million a year earlier, and an operating profit of £4.3 million, up from around £1.6 million in 2022.
At the time, its fixed assets were valued at £1.3 million and current assets at approximately £17.7 million. However, its net liabilities amounted to more than £15.5 million.
Caldicot Group Limited – October 24
Caldicot Group Limited, a vehicle recovery and fleet maintenance provider based in Monmouthshire, fell into administration earlier this month, with Paul Wood and Andrew Hook of Begbies Traynor appointed as joint administrators.
In accounts for the year ending February 28 2023, the company’s fixed assets were valued at around £1.8 million and current assets at approximately £1.4 million, with net assets amounting to roughly £465,000.
Griffin Media Solutions Limited – October 25
Griffin Media Solutions Limited, a media agency based in Tunbridge Wells, fell into administration earlier in October, with David Shambrook and James Dowers of RSM UK Restructuring Advisory appointed as joint administrators.
In accounts for the year ending June 30 2023, the company’s assets were valued at approximately £5 million. However, significant liabilities meant that net assets amounted to slightly over £1 million.
Certwood Limited – October 25
Certwood Limited, a London-based manufacturer of plastic storage solutions, fell into administration last week, appointing David Kemp and Richard Hunt of SFP Restructuring as joint administrators.
In accounts for the year to November 30 2023, the company’s fixed assets were valued at £1.2 million and current assets at approximately £2.6 million, with net assets amounting to around £1.5 million.
Vitrine Systems Limited – October 25
Vitrine Systems Limited, a Hampshire-based architectural and structural glazing specialist, fell into administration last week, with Nicholas Simmonds and Chris Newell of Quantuma Advisory appointed as joint administrators.
In the company’s accounts for the year to December 31 2023, its assets were valued at around £3.1 million, with net assets standing at approximately £190,000.
Classic Mineral Water Company Limited – October 25
Classic Mineral Water Company Limited, a County Armagh-based water bottling company, fell into administration last week, with Seamas Keating of AAB Group Accountants appointed as administrator.
The company, which was founded in 1948, unexpectedly fell into administration following the discovery of contaminated water, which forced it to immediately stop production, leading to financial losses.
In accounts for the year to March 31 2023, the company reported turnover of £11.2 million, up from £8.8 million a year earlier and moved from a pre-tax loss of more than £420,000 to a profit of over £300,000.
At the time, its fixed assets were valued at £6.5 million and current assets at £4.1 million, but net liabilities amounted to around £294,000.
Find out more about food and beverage M&A trends
C.T. Hayton Limited – October 28
C.T. Hayton Limited, a Cumbria-based agricultural machinery company, fell into administration at the start of last week, with Damian Webb and Gordon Thomson of RSM UK Restructuring Advisory appointed as joint administrators.
The family-run business, which had been operating for close to 100 years and had three depots across Cumbria, announced its shock closure earlier this month.
In accounts for the year to November 30 2023, the firm reported turnover of £11.4 million, down slightly from £12.8 million, while seeing its operating losses widen from around £120,000 to approximately £494,000.
At the time, its fixed assets were valued at around £1.8 million and current assets at slightly over £5 million, with net assets amounting to £856,608.
Stride Supplies Limited – October 28
Stride Supplies Limited, a Redditch-based distributor of spring wire, fell into administration last week, with Mark Blackman and Benjamin Wiles of Kroll Advisory appointed as joint administrators.
In accounts for the year to May 31 2023, its fixed assets were valued at around £546,000, with current assets valued at £6.3 million and net assets amounting to slightly over £2.4 million.
Marden Homes Limited – October 28
Marden Homes Limited, a bespoke residential property developer based in Essex, fell into administration at the start of last week, with Michael Wellard of RBW Restructuring appointed as joint administrator.
In accounts for the period from May 31 2022 to December 31 2022, the company reported turnover of £19.5 million, but fell to a post-tax loss of nearly £5.4 million. At the time, its fixed assets were valued at around £892,00 and current assets at nearly £13 million, with net assets amounting to £1.1 million.
Sert Workforce Solutions Limited – October 29
Sert Workforce Solutions Limited, a training company specialising in renewables, electric, gas and metering, fell into administration earlier this month, with Michael Fortune and Carl Faulds appointed as joint administrators.
In accounts for the year to March 31 2023, the company’s assets were valued at around £1.2 million, but its net liabilities amounted to £1.2 million.
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