UK administrations update: September 10 – 17

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.

Broadreach Recruitment Limited – September 10
Broadreach Recruitment Limited, a recruitment firm headquartered in Somerset, fell into administration earlier this month, with Richard Warwick and Rachel Hotham appointed as joint administrators.

In the company’s accounts for the year to October 31 2022, its assets were valued at around £262,000, while its net liabilities amounted to slightly over £50,000.

Goal Group Limited – September 11
Goal Group Limited, a class action and withholding tax financial recovery services group based in London, fell into administration this month, appointing Allister Manson and Trevor Binyon of Opus Restructuring as joint administrators.

Manson and Opus Restructuring’s Charles Turner were also appointed as joint administrators to Goal Global Recoveries Limited and Goal Taxback Limited on the same day. The group’s Australian arm entered administration earlier this year.

In accounts for the year to September 30 2022, Goal Group’s fixed assets were valued at £9.6 million and current assets at £13.1 million, while net assets amounted to approximately £6.4 million.

Caviar House Airport Premium (UK) Limited – September 12
Caviar House Airport Premium (UK) Limited, a Hounslow-based company specialising in travel retail and premium food and beverage concepts, fell into administration during the first week of September, with Ken Touhey of Insolvency and Recovery and Marco Piacquadio of RTS Recovery appointed as joint administrators.

In its accounts for the year ending March 31 2022, the company’s fixed assets were valued at around £979,000 and current assets at slightly over £484,000. However, at the time, its net liabilities exceeded £4.8 million.

Find out more about UK food and beverage M&A

Pyrocore Limited – September 12
Pyrocore Limited, a manufacturer of green waste management technology based in Bristol, fell into administration earlier this month, with Jonathan Dunn and Matthew Whitchurch of FRP Advisory appointed as joint administrators.

In accounts for the year to December 31 2023, the company’s fixed assets were valued at close to £2 million, while current assets stood at £3.8 million and net assets amounted to around £2 million.

International Decorative Surfaces Limited – September 13
International Decorative Surfaces Limited, a Newcastle-under-Lyme-based distributor of decorative surfaces, fell into administration last week, with Alastair Massey and Tony Wright of FRP Advisory appointed as joint administrators.

Massey said that the firm had “faced significant challenges in recent months” but remained “a business with considerable strengths and capabilities.” The joint administrators are now exploring options for the business, including a potential sale.

In accounts for the period from May 1 2022 to December 31 2022, the company reported turnover of £78.7 million and pre-tax profits of approximately £1.2 million. At the time, its current assets were valued at around £53.8 million and net assets at close to £910,000.

Glenevin Limited – September 13
Glenevin Limited, a Livingstone-based civil engineering firm primarily working on full-fibre broadband network builds, fell into administration earlier this month, with Gareth Harris and Paul Dounis of RSM UK Restructuring Advisory appointed as joint administrators.

According to RSM, the company had suffered as a result of a “material deterioration in market conditions”, which "led to funding being withdrawn for many of the pipeline contracts”.

Efforts to find a buyer for the company proved unsuccessful and it ceased trading, with all employees made redundant. In its accounts for the year to August 31 2022, it reported turnover of £38.2 million, up from £18.6 million a year earlier, while nearly doubling its pre-tax profits from £1.07 million to £2.05 million.

At the time, non-current assets were valued at around £3.3 million and current assets at approximately £10.4 million, with total equity standing at £4.5 million.

Find out more about Glenevin’s administration

GCL Hire Limited – September 13
GCL Hire Limited, a Leeds-based provider of commercial and industrial equipment rental to the construction and utility sectors and subsidiary of Glenevin Limited, fell into administration earlier this month, with Gareth Harris and Paul Dounis of RSM appointed as joint administrators.

In accounts from the period March 4 2022 (when the business was incorporated) to August 31 2023, the company reported turnover of around £975,000 and a pre-tax loss of £1,157. At the time, its net liabilities totalled close to £1,100.

Hadden Construction Limited – September 13
Hadden Construction Limited, a construction contractor based in Perthshire, fell into administration last week, with Benjamin Cairns and Jonathan Marston of Alvarez & Marsal appointed as joint administrators.

Cairns said that, like many contractors, the company had been "battling a number of headwinds in recent years, including inflated materials prices, rising labour costs and supply chain interruptions.” The administrators are now winding down the company’s operations and seeking interest in its assets.

In accounts for the year to March 31 2023, the company reported turnover of £30.2 million, down from £32.3 million a year earlier, while post-tax profits fell from £606,282 to £230,473.

At the time, the firm’s fixed assets were valued at £1.3 million and current assets at £9.5 million, with net assets amounting to £3.5 million.

TriRx Speke Limited – September 13
TriRx Speke Limited, a pharmaceutical services business based in Liverpool, fell into administration last week, with Oliver Wright, Christopher Bennett and Matthew Callaghan of FTI Consulting appointed as joint administrators.

The company had reportedly become loss-making, while Callodine Commercial Finance held a registered charge against it. The joint administrators are now pursuing an accelerated sale of the business.

Find out more about this administration

Casa El Pastor Limited – September 16
Casa El Pastor Limited, a London chain of Mexican restaurants headquartered in Oakham, fell into administration last week, with Nicholas Simmonds and Chris Newell of Quantuma Advisory appointed as joint administrators.

In accounts for the year to July 31 2022, the company’s fixed assets were valued at around £71,000 and current assets at approximately £1.8 million, with total equity standing at just under £293,000.

FHP Engineering Services Solutions Limited – September 17
FHP Engineering Services Solutions Limited, a mechanical and electrical engineering consultancy based in Reading, fell into administration last week, with David Taylor and Paul Ellison of KRE Corporate Recovery appointed as joint administrators.

In accounts for the year to December 31 2022, the company’s fixed assets were valued at approximately £1 million and current assets at slightly over £5 million. At the time, the firm’s total equity amounted to nearly £3.3 million.

Iaso Limited – September 17
Iaso Limited, a pharmaceutical goods wholesaler based in London, fell into administration last week, with Henry Page and Dominic Dumville of Mercer & Hole appointed as joint administrators.

In accounts for the year to August 31 2023, the company’s fixed assets were valued at around £205,000 and current assets at approximately £1.9 million. Its net liabilities, however, amounted to nearly £1.9 million.

Brick Live International Limited – September 17
Brick Live International Limited, trading as BRICKLIVE, a brick-built models, shows and events company based in Surrey, fell into administration last week, appointing Ben Woodthorpe and Simon Jagger of ReSolve Advisory as joint administrators.

In accounts for the year to December 31 2022, the company reported turnover of £1.9 million, up from £1.8 million a year earlier, but saw its pre-tax losses increase from around £578,000 to nearly £708,000.

At the time, the company’s fixed assets were valued at around £2.1 million and current assets at £2.8 million. However, its net liabilities at the time totalled close to £600,000.


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