Tue, 24 Sep 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.
Nasstar Group Limited – September 17
Nasstar Group Limited, an IT solutions firm based in West Yorkshire, fell into administration earlier this month, with Mak Banfield and Zelf Hussain of PwC appointed as joint administrators.
In the year to December 31 2022, the group reported turnover of £212 million, up from £161 million a year earlier. However, the company’s pre-tax losses soared from £50.5 million to £96.2 million.
At the time, its fixed assets were valued at £161.2 million and current assets at £72.4 million, but its net liabilities amounted to approximately £283.4 million.
Gallant Building Services Limited – September 18
Gallant Building Services Limited, a mechanical, electrical and plumbing services specialist, fell into administration earlier this month, with Andrew Cordon of CFS Restructuring and Simon Chandler and Scott Bevan of Forvis Mazars appointed as joint administrators.
In accounts for the period from October 1 2020 to December 31 2021, the company reported turnover of £26.8 million, compared to £19.5 million in the year to September 30 2020 and increased its profits from around £1 million to £2.7 million.
At the time, its fixed assets were valued at £105,000 and current assets at £29.2 million, while net assets amounted to £7.3 million.
Alderley Farms Limited – September 18
Alderley Farms Limited, a mixed farming business based in Gloucestershire, fell into administration earlier this month, with Alistair Wardell, Rob Parker and Richard Lewis of Grant Thornton appointed as joint administrators.
In accounts for the year ending September 30 2022, the company reported turnover of close to £194,000, down slightly from £217,000 a year earlier, but went from a post-tax loss of £44,603 in 2021 to a profit of approximately £29,000.
The company’s fixed assets at the time were valued at around £6.4 million with current assets valued at £1.3 million, while total equity amounted to approximately £1.6 million.
N. R. Burnett Limited – September 19
N. R. Burnett Limited, a timber supplier based in Hull, fell into administration and ceased trading earlier in September, with Frazer Ulrick of Westgates Restructuring Limited appointed as the company’s administrator.
In accounts for the year to September 30 2023, the company’s fixed assets were valued at £321,466 and current assets at approximately £1.6 million. However, its net liabilities totalled more than £343,000.
Civil and Commercial Costs Lawyers Limited – September 19
Civil and Commercial Costs Lawyers Limited, a Manchester-based legal consultancy for solicitors and litigants, fell into administration last week, with Robert Armstrong and Benajmin Wiles of Kroll Advisory appointed as joint administrators.
In accounts for the year to June 30 2022, its fixed assets were valued at slightly over £105,000 and current assets at approximately £1.3 million, while net assets stood at just under £263,000.
Rotolight Group Limited – September 20
Rotolight Group Limited, a manufacturer and distributor of LED lighting equipment for the photography, broadcast and cinema industries, fell into administration last week, with Jonathan Bass and Giuseppe Parla of Menzies appointed as joint administrators.
In accounts for the year to April 30 2023, the company reported turnover of £7.3 million, up from around £4.3 million a year earlier and cut its post-tax losses from approximately £1.5 million to around £456,000.
At the time, its fixed assets were valued at around £4.2 million and current assets at £6.1 million. However, its net liabilities at the time totalled more than £2.8 million.
Manufacturing is expected to see higher levels of dealmaking over the coming months
Geo Quarries Limited – September 23
Geo Quarries Limited, a West Yorkshire-based supplier of construction aggregates, fell into administration last week, appointing John Carpenter and Lisa Moxon of Dow Schofield Watts Business Recovery as joint administrators.
In accounts for the year to April 30 2023, the company’s fixed assets were valued at £1.2 million and current assets at £7.2 million, with total net assets amounted to approximately £2.4 million.
Read more about M&A trends in the building products and services industry
Colour Marketing Services Limited – September 23
Colour Marketing Services Limited (CMS), a Suffolk-based manufacturer of sampling solutions for the interior design market, fell into administration last week, with Brian Burke and Elias Paourou of Quantuma Advisory appointed as joint administrators.
In accounts for the year to August 31 2022, the company’s fixed assets were valued at around £417,000 and current assets at approximately £1 million, while net assets stood at just under £330,000.
London Cocktail Bars Limited – September 23
London Cocktail Bars Limited, an operator of cocktail bars in London, fell into administration last week, with Andrew Andronikou and Brian Burke of Quantuma Advisory appointed as joint administrators.
In the company’s balance sheet as of January 1 2023, its fixed assets were valued at close to £1.4 million and current assets at around £971,000, while total equity standing at £169,271.
Amid the cost-of-living crisis and increasing sobriety, pub and bar insolvencies are soaring
Trust Distribution Limited – September 23
Trust Distribution Limited, a Heywood-based telecoms and IT distributor, fell into administration last week, with Kerry Bailey and Mark Thornton of BDO appointed as joint administrators.
In its accounts for the year to November 30 2022, the company stated that it “continued to be impacted by the pandemic”, having been hit during the year by Panasonic’s permanent withdrawal from the telecoms market and Mitel ceasing production of the MiVoice250 phone system – Trust's best-selling product. Acquisitions by the top 6/7 telecoms channels also saw the company’s market shrink by around 100 resellers.
As a result of these challenges, the company’s turnover fell from £15.3 million in 2021 to around £12.8 million in 2022, while dropping from a pre-tax profit of £29,000 to a loss of close to £100,000.
At the time, its fixed assets were valued at approximately £470,000 and current assets at around £4.5 million. However, net liabilities at the time amounted to nearly £338,000.
SOS Communications Limited – September 24
SOS Communications Limited, a subsidiary of Trust Distribution Limited, was also placed into administration last week, with BDO’s Kerry Bailey and Mark Thornton appointed as joint administrators.
In accounts for the year ending November 30 2022, the company’s fixed assets were valued at approximately £567,000 and current assets at around £326,000. At the time, its net liabilities amounted to almost £79,000.
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