Tue, 10 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.
Aqualux Products Limited – September 3
Aqualux Products Limited, a Leicestershire-based shower products manufacturer and supplier, fell into administration towards the end of August, with Raj Mittal and Benjamin Jones of FRP Advisory appointed as joint administrators.
Discussing the company’s collapse, Mittal said that it had been hit by the impact of the cost-of-living crisis on the home improvement market, as well as financial pressures arising from material cost inflation. As a result of these factors, the company was unable to continue trading, with 18 staff made redundant upon the appointment of the joint administrators.
In Aqualux’s 2022 accounts, its fixed assets were valued at £473,000 and current assets at approximately £9.7 million, with net assets valued at around £6.1 million.
Find out more about Aqualux’s administration
Beige Plus Limited – September 3
Beige Plus Limited, a women’s plus-size clothing brand based in London, fell into administration last month, appointing Robert Horton of R2 Advisory as administrator.
In the company’s accounts for the year to July 31 2022, its assets were valued at around £863,000. However, significant creditor debts meant that its total equity amounted to just under £40,000.
Fileturn Limited – September 3
Fileturn Limited, a luxury fit-out specialist based in Surrey, fell into administration in late August, with Frank Wessely and Jo Leach of Quantuma Advisory appointed as joint administrators.
The company, which filed a notice of intention to appoint administrators (NOI) in early August, said in accounts for the year to March 31 2023 that it had sustained a loss “from a one-off exceptional project, which has proved both technically unique and commercially challenging.”
As a result, it fell to a pre-tax loss of £1.1 million, down from a profit of nearly £334,000 a year earlier, despite turnover increasing from £24 million to £31.3 million. In those accounts, the company’s assets were valued at around £14.7 million, with net assets amounting to approximately £98,000.
Find out more about Fileturn’s struggles here
M Price Group Limited – September 3
M Price Group Limited, a leading facades specialist based in Enfield, fell into administration at the end of August, with John Hedger of Seneca IP appointed as administrator.
The group was founded in 1881 and is a specialist in complex facade installations on commercial and high-rise developments, primarily in London. The firm filed an NOI last month after being hit by a range of headwinds over recent years, including Brexit and COVID-19, which caused project delays and an industry-wide drop in output.
In its most recent accounts at Companies House, for the year ending April 30 2021, it reported turnover of £29.1 million, down from around £34.1 million a year earlier, while falling from a pre-tax profit of approximately £532,000 to a loss of around £1.2 million – its first loss in 27 years.
At the time, its fixed assets were valued at £1.1 million and current assets at approximately £19.5 million, with net assets standing at £5.7 million.
Read more about the collapse of M Price Group
SVL Healthcare Services Limited – September 4
SVL Healthcare Services Limited (previously Savoy Ventures Limited), a patient transport and healthcare services provider based in Greenhithe, fell into administration at the end of last month, with Benjamin Wiles and Philip Dalkin of Kroll Advisory appointed as joint administrators.
In the company’s accounts for the year to April 30 2022, while still trading as Savoy Ventures, it reported turnover of just under £10.5 million, up from £9.2 million a year earlier, but saw its post-tax profits fall sharply from around £460,000 to approximately £102,000.
At the time, its fixed assets were valued at slightly under £2.1 million and current assets at around £1.7 million, with net assets amounting to £932,608.
AJ Galaxy Limited – September 4
AJ Galaxy Limited (trading as Sunspeed), a warehousing and freight transport firm based in Farnborough, fell into administration in August, with Miles Needham and Andy John of FRP Advisory appointed as joint administrators.
In the company’s accounts for the year to September 30 2022, its fixed assets were valued at around £1.8 million and current assets at close to £2.4 million. However, debts meant that its total equity stood at just over £56,000.
Levantina (UK) Limited – September 4
Levantina (UK) Limited, a stone distribution company based in Rotherham, fell into administration last week, appointing Nick Holloway and Stephen Absolom of Interpath Advisory as joint administrators.
The company, the UK distribution subsidiary of international stone specialist Levantina Group, fell into administration after suffering from weakened demand in the UK’s housing and renovation market.
In accounts to December 31 2022, it reported turnover of £5.1 million, up from £4.4 million a year earlier, but post-tax losses increased from approximately £538,000 to nearly £723,000. At the time, its total liabilities exceeded £2.4 million.
Read more about Levantina’s collapse
Samper Installation Limited – September 5
Samper Installation Limited, a company specialising in installing and maintaining mini-load cranes, conveyor systems and sortation systems, fell into administration at the end of August, with Frank Ofonagoro and Mark Ranson of Opus Restructuring appointed as joint administrators.
In accounts for the year to June 30 2022, its assets were valued at around £970,000, with total equity amounting to approximately £356,000.
Atlas Commodities Limited – September 5
Atlas Commodities Limited, a metal recycling company based in Radlett, fell into administration last week, with Grace Jones and Rishi Karia of Parker Andrews appointed as joint administrators.
In accounts for the year to September 30 2022, the company’s turnover stood at £175.1 million, up from £116.7 million in the period from April 1 2020 to September 30 2021. However, its post-tax profits fell from around £3.4 million to approximately £1.6 million.
At the time, its fixed assets were valued at around £2.9 million and current assets at approximately £40.9 million, with net assets standing at close to £4.5 million.
S.L. Transport (UK) Limited – September 5
S.L. Transport Limited, a haulage company based in Swindon, fell into administration at the end of August, with Steve Kenny and Richard Cole of KBL Advisory appointed as joint administrators.
In accounts for the year to December 31 2022, the company reported turnover of around £1.9 million, slightly higher than its turnover the previous year, but fell from a post-tax profit of around £76,000 to a loss of £76,000.
At the time, its fixed assets were valued at around £77,000 and current assets at slightly over £481,000. However, net liabilities at the time totalled almost £49,000.
Blue Chyp Limited – September 6
Blue Chyp Limited, an Ashford-based manufacturer of balcony products, fell into administration last week, appointing Andy John and Miles Needham of FRP Advisory as joint administrators.
In accounts for the year to December 31 2022, its fixed assets were valued at around £1.2 million and current assets at £7.6 million. At the time, its net assets amounted to approximately £2 million.
PL Transport Logistics Limited – September 6
PL Transport Logistics Limited, a waste and recycling transportation company based in Middlesex, fell into administration last week, with David Kemp and Richard Hunt of SFP appointed as joint administrators.
In accounts for the year to March 31 2023, the company’s fixed assets were valued at slightly under £4 million and current assets at around £ 1million, while net assets amounted to close to £1.5 million.
Tinizine Limited – September 6
Tinizine Limited, a London-based software company, fell into administration in August, with Allister Manson and Frank Ofonagoro of Opus Restructuring appointed as joint administrators.
In accounts for the year to March 31 2023, the company reported turnover of £2.18 million, up from £2 million a year earlier, but saw its post-tax losses more than double from £542,000 to more than £1.5 million.
At the time, its fixed assets were valued at £13.4 million and current assets at £3.8 million, with net assets amounting to just under £11.2 million.
CTS Transport Group Limited – September 9
CTS Transport Group Limited, a haulage business based in Kettering, fell into administration last week, appointing Rebecca Dacre and Mark Siddall of Forvis Mazars as joint administrators.
In its accounts for the year to December 29 2022, the company’s fixed assets were valued at £1.7 million and current assets at £1.7 million. However, liabilities meant that its net assets amounted to just under £137,000.
L.E. Went Limited – September 9
L.E. Went Limited, a Surrey-based company providing automotive, wood and metal paint and coatings, fell into administration last week, with Alan Simon of Expedium Limited appointed as administrator.
In accounts to December 31 2022, the company’s fixed assets were valued at around £2.1 million and current assets at approximately £540,000. Net assets at the time amounted to slightly over £860,000.
Electrolytic Plating Company Limited – September 9
Electrolytic Plating Company Limited, a Walsall-based specialist in the application of surface coatings and metal finishing, fell into administration last week, with Kerry Bailey and Lee Causer of BDO appointed as joint administrators.
In the company’s accounts for the year ending December 31 2022, its fixed assets were valued at £3 million and current assets at around £1.2 million. Liabilities, however, meant that its net assets stood at just under £48,000.
Solution Recruitment Limited – September 10
Solution Recruitment Limited, a Hertfordshire-based recruitment agency specialising in the construction and design sectors, fell into administration last week, with William Turner and Nicholas Wastell of Verulam Advisory appointed as joint administrators.
In the company’s accounts for the year to December 31 2022, its fixed assets were valued at slightly under £336,000 and current assets at close to £1.5 million. However, debts mean that its net liabilities at the time amounted to more than £345,000.
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