Tue, 01 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 posted by the Gazette and not necessarily the dates on which administrators were appointed.
PSP Group – September 24
PSP Architectural Limited, PSP Aluminium Limited and Pressed Steel Products Limited, collectively known as PSP Group, is a group of construction sector businesses based in County Durham. The companies fell into administration in September, with James Lumb and James Clark of Interpath Advisory appointed as joint administrators.
PSP Architectural supplied facades and cladding, while PSP Aluminium supplied window and door frames, principally made from aluminium. Pressed Steel Products Limited was a property holding company that owned two freehold sites, including PSP Architectural’s property on Shildon’s All Saints Industrial Estate.
The group was reportedly hit by difficult trading conditions in recent months, with sales failing to recover this year, following the expected fall in seasonal sales during the winter of 2023, leading to cashflow and liquidity issues. Despite securing additional temporary funding earlier this year, an expected improvement in sales did not occur.
PSP Architectural and PSP Aluminium both ceased trading upon the appointment of administrators, with the majority of staff made redundant. The joint administrators are now seeking buyers for the businesses.
Find out more about PSP Group’s collapse
ISG – September 24
ISG, a UK construction group, fell into administration in September after encountering significant financial difficulties and failing to secure a rescue deal. Alan Hudson, Dan Edkins and Timothy Vance of Ernst & Young were appointed joint administrators of group businesses including: ISG Construction Limited, ISG Fit Out Limited, ISG Interior Services Group UK Limited, ISG UK Retail Limited, ISG Central Services Limited, ISG Jackson Limited, ISG Engineering Services Limited and ISG Retail Limited.
Resources Productivity Management Limited – September 25
Resources Productivity Management Limited, trading as RPM Consultants, a management consultancy based in Milton Keynes, fell into administration in September, with Louise Williams and Paul Mallatratt of Opus Restructuring appointed as joint administrators.
In the company’s accounts for the year to June 30 2021, it reported turnover of slightly over £1 million, compared to £654,000 a year earlier, while post-tax profits increased from approximately £104,000 to around £133,000.
At the time, its fixed assets were valued at £27,833 and current assets at around £565,000, with total equity amounting to just over £312,000.
Carp4Less Limited – September 25
Carp4Less Limited, trading as Angling4less, a fishing gear retailer based in Aldershot, fell into administration last month, with Joanne Rolls and Adrian Dante of Opus Restructuring appointed as joint administrators.
In accounts for the year to August 31 2023, the company’s fixed assets were valued at close to £81,000 and current assets at approximately £1.07 million, with net assets amounting to slightly over £343,000.
Sunstone IP Systems Limited – September 25
Sunstone IP Systems Limited, a Canterbury-based company producing solar-powered CCTV systems, fell into administration in September, with Steve Kenny and Richard Cole of KBL Advisory appointed as joint administrators.
In accounts for the year to September 30 2023, the company’s fixed assets were valued at around £1.3 million and current assets at £2.1 million, with net assets amounting to nearly £1.6 million.
Driver 8 Limited – September 25
Driver 8 Limited, a London-based passenger transport company, fell into administration last week, with Stuart Kelly and Claire Harsley of SPK Financial Solutions appointed as joint administrators.
In accounts for the year to December 29 2022, it reported fixed assets of approximately £1.4 million and current assets of around £125,000, but had net liabilities totalling more than £1.1 million.
Folkestone Fixings Limited – September 25
Folkestone Fixings Limited, a Kent-based tool and hardware retailer, fell into administration in September, with Jane Steer, Timothy Higgins and Mark Banfield of PwC appointed as joint administrators.
In accounts for the year to September 30 2023, it reported turnover of £96.8 million, down from around £98.4 million a year earlier, while dropping from a pre-tax profit of £1.7 million to a £3.7 million loss.
Directors stated the company had “faced significant challenges in the business environment” during the year, citing an “increasingly competitive landscape” and a slowdown in the construction sector.
At the time, its fixed assets were valued at £1.6 million and current assets at £23.5 million, with net assets amounting to just under £8.1 million.
IPG Construction Limited – September 26
IPG Construction Limited, a Milton Keynes-based construction company, fell into administration in September, with Louise Williams and Paul Mallatratt of Opus Restructuring appointed as joint administrators.
In accounts for the year to March 31 2024, the company’s current assets were valued at £2.5 million and net assets at £1.2 million.
Ballie Limited – September 26
Ballie Limited, which trades as Ballie Ballerson, is a London-based chain of ballpit-themed cocktail bars. The company fell into administration last month, with Andrew Andronikou and Brian Burke of Quantuma Advisory appointed as joint administrators.
In accounts for the year to January 1 2023, the company’s fixed assets were valued at £2.1 million and current assets at close to £2 million. Its net assets at the time amounted to just under £1.3 million.
Workforce People Solutions Limited – September 26
Workforce People Solutions Limited, a recruitment company based in Bolton, fell into administration last week, with Kerry Bailey and Mark Thornton of BDO appointed as joint administrators.
In accounts for the year ending March 31 2023, the company reported turnover of £9.8 million, up from £9 million a year earlier, while post-tax profits increased from just under £370,000 to £1.4 million. At the time, its assets were valued at around £12.5 million, with net assets standing at £9.5 million.
ESS Modular – September 27
ESS Modular, a Hull-based offsite modular building specialist comprised of Extraspace Solutions (UK) Limited and Spatial Initiative Limited, fell into administration last week, with Timothy Vance and Charles King of Ernst & Young appointed as joint administrators.
The collapse of the companies was attributed to liquidity pressures arising from significant losses on legacy contracts. While the firms share an owner with recently-collapsed construction giant ISG, the administration was not said to be linked.
Find out more about the collapse of ESS Modular
Delcor Limited – September 30
Delcor Limited, a Cheshire-based furniture retailer, fell into administration last week, with John Hedger of Seneca IP appointed as administrator.
In accounts for the year to September 30 2023, the company’s fixed assets were valued at around £100,000 and current assets at slightly over £1 million. However, its net liabilities at the time totalled nearly £650,000.
Lawbit Limited – October 1
Lawbit Limited, a London-based online legal services business, fell into administration week, with William Batty and Hugh Jesseman of Antony Batty & Company appointed as joint administrators.
In accounts for the year to May 31 2022, the company’s fixed assets were valued at slightly over £4 million, with current assets valued at around £510,000 and net assets amounting to nearly £620,000.
Hub Engineering Limited – October 1
Hub Engineering Limited, a Chesterfield-based engineering company, fell into administration last week, with Craig Povey and Gareth Prince of Begbies Traynor appointed as joint administrators.
In accounts for the year ending May 31 2023, the company’s fixed assets were valued at around £2.2 million and current assets at £1.3 million, while net assets stood at approximately £363,000.
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