UK administrations update: October 30 – November 5

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.

Hochanda Global Limited – October 30
Hochanda Global Limited, the company behind online and TV shopping channel Create & Craft, fell into administration towards the end of October, appointing Neil Bennett and Alex Cadwallader of Leonard Curtis as joint administrators.

In accounts for the year to December 31 2022, the company’s turnover stood at around £33.2 million, up from approximately £16 million a year earlier, but its post-tax losses widened from around £3.5 million to £5.7 million.

At the time, its fixed assets were valued at £1.87 million and current assets at £4.1 million. However, its net liabilities amounted to more than £16.3 million at the time.

Ram Utility Solutions Limited – October 31
Ram Utility Solutions Limited, a confined space and drainage services specialist based in Cheshire, fell into administration last month, with Lisa Moxon and Christopher Barrett of Dow Schofield Watts Business Recovery appointed as joint administrators.

In accounts for the year to December 31 2023, its fixed assets were valued at around £1.15 million and current assets at slightly over £550,000, with net assets amounting to approximately £291,000.

MYA Clinics Limited – October 31
MYA Clinics Limited, a Harrogate-based chain of cosmetic surgery clinics, fell into administration last month, with Frazer Ulrick of Auker Rhodes Accounting appointed as joint administrator.

In accounts for the year to November 30 2021, the company reported turnover of £12.5 million, up from £10.1 million a year earlier and moved from a post-tax loss of nearly £2.4 million to a profit of slightly over £250,000.
At the time, its assets were valued at around £1.5 million, but net liabilities totalled nearly £8.3 million.

Reaction Engines Limited – October 31
Reaction Engines Limited, an engineering and aerospace group based in Abingdon, fell into administration at the end of October, with Peter Dickens, Sarah O’Toole and Edward Williams of PricewaterhouseCoopers appointed as joint administrators.

According to PwC, the company’s collapse came after it was unsuccessful in attempts to raise further funds. Upon the appointment of the joint administrators, 173 of the company’s 208 staff were made redundant.

In accounts for the year to December 31 2022, the company reported revenue of £4.7 million, down from £7.1 million a year earlier, while its post-tax losses widened from £18.4 million to around £25.7 million. At the time, its total assets were valued at approximately £39.7 million, with net assets amounting to £32.1 million.

Aardvark Clear Mine Limited – November 1
Aardvark Clear Mine Limited, a mine clearance technology company based in Dumfries, fell into administration last month, with Michelle Elliot and Chad Griffin of FRP Advisory appointed as joint administrators.

In accounts for the year to December 31 2023, the company reported turnover of £325,275, down from £1.6 million a year earlier, while falling from a post-tax profit of around £280,000 to a loss of over £520,000.

At the time, its fixed assets were valued at slightly over £10 million and current assets at around £3.6 million, with net assets amounting to approximately £10.6 million.

Galvan London Limited – November 1
Galvan London Limited, a women’s occasion wear retailer based in London, fell into administration in late October, with Andreas Arakapiotis of Kallis & Company appointed as administrator.

In accounts for the year ending December 31 2022, the company’s fixed assets were valued at around £585,000 and current assets at close to £4 million. However, liabilities meant that its net assets stood at just over £350,000.

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Indoor Climate Systems (UK) Limited – November 1
Indoor Climate Systems (UK) Limited, a provider of design, build and project management of mechanical services to the commercial fit out industry, fell into administration last month, with Frank Ofonagoro and Trevor Binyon of Opus Restructuring appointed as joint administrators.

In accounts for the year to March 31 2023, the company reported turnover of around £17.2 million, down slightly from approximately £17.3 million a year earlier, while registering post-tax profits of around £1.2 million, down from £1.9 million. At the time, its total assets were valued at around £7 million, with net assets amounting to £3.6 million.

Milk Visual Effects Limited – November 4
Milk Visual Effects Limited, a VFX studio in London, fell into administration last week, with Robert Ferne and Jeremy Karr of Begbies Traynor appointed as joint administrators.

In accounts for the year to March 31 2023, the company’s fixed assets were valued at £2.1 million and current assets at £6.1 million. However, its net liabilities totalled more than £3.4 million at the time.

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Lola Post Production Limited – November 4
Lola Post Production Limited, a post-production and VFX studio in London that was owned by Milk Visual Effects, also fell into administration last week, with Robert Ferne and Jeremy Karr appointed as joint administrators.

In accounts for the seven months to March 31 2023, the company reported turnover of around £992,000, while falling to a loss of more than £446,000. At the time, its net assets stood at around £691,000.

E S E Group Limited - November 4
E S E Group Limited, a solar energy firm based in Cheshire, fell into administration in late October, with Steve Kenny and Richard Cole of KBL Advisory appointed as joint administrators.

In accounts for the year to February 29 2024, the company’s fixed assets were valued at £1.3 million and current assets at £2.9 million, with net assets amounting to slightly over £512,275.

Pidcock Motor Cycles Limited - November 5
Pidcock Motor Cycles Limited, a motorcycle dealership based in Nottingham, fell into administration in October, with Nathan Jones and John Lowe of FRP Advisory appointed as joint administrators.

The company, which sells Ducati, BMW and Triumph bikes, had reportedly struggled financially due to high inflation and weak consumer demand, with UK motorbike sales down by around 1 per cent during the first half of 2024.

In accounts for the year to December 31 2023, the company’s fixed assets were valued at around £437,000 and current assets £3.5 million, with total equity amounting to £123,261.

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Scooters! Limited - November 5
Scooters! Limited, a scooter and motorcycle dealership in London, fell into administration in late October, with Richard Rones of ThorntonRones appointed as administrator.

In accounts for the year to April 30 2023, the company reported turnover of around £3.9 million, down from £5 million a year earlier, while falling to a post-tax loss of £232,137, compared to a profit of approximately £72,000 the year prior.

At the time, the company’s total assets were valued at around £1.1 million, with total assets less liabilities standing at around £519,000.

Purple Hire Solutions Limited - November 5
Purple Hire Solutions Limited, a tool and plant hire company based in Yeovil, fell into administration last week, with Miles Needham and Andy John of FRP Advisory appointed as joint administrators.

In its most recent accounts, for the year to December 31 2023, the company’s fixed assets were valued at £3.6 million and current assets at approximately £671,000, with total equity amounting to just under £68,000.


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