Tue, 02 Apr 2024 | BUSINESS NEWS
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.
Eagle Genomics Limited – March 26
Eagle Genomics Limited, a life sciences data management and analysis firm based in Cambridge, fell into administration on March 20, with the Gazette posting the appointment of Joseph Colley and John Dickinson of CBW Recovery as joint administrators on March 26.
In its accounts for the year to March 31 2021, the company reported turnover of £1.37 million, up from £467,843. However, the company fell to a pre-tax loss of close to £3.5 million, a slight improvement on its £3.65 million loss a year earlier.
At the time, the company’s fixed assets were valued at £111,337 and current assets at £3.4 million, while total assets less current liabilities amounted to £1.96 million.
Lunaz Group – March 26 – 27
App Tech Productions Limited and Lunaz Limited, the trading subsidiaries of vehicle electrification and upcycling group Lunaz Group Limited, fell into administration last month along with their parent company.
Sarah Cook and Miles Needham were appointed as joint administrators of the group, which is based at two facilities at Silverstone Technology Park in Northamptonshire. According to the joint administrators, the company experienced a slowdown in sales following the government’s extension of the deadline for the UK’s transition to zero-emissions vehicles.
The majority of roles across the group have been made redundant and the joint administrators will now focus on realising the group’s remaining assets. In the group’s accounts for the year to October 31 2022, its total assets were valued at nearly £18.3 million, with total equity of close to £17 million.
Read more about Lunaz Group’s collapse here
No Ordinary Designer Label Limited – March 27
No Ordinary Designer Label Limited, which trades as Ted Baker, is a major clothing retailer headquartered in London. The company fell into administration last month, appointing Benjamin Dymant and Daniel Smith of Teneo Financial Advisory as joint administrators.
The company operates 86 stores across the UK, employing hundreds of staff, and was acquired by ABG approximately 18 months ago in a deal that saw it delist from the London stock market. The administration comes amid continuing distress among UK high street retailers, with the company one of the latest major operators to fall into insolvency.
In its accounts for the year to January 29 2022, the company reported underlying revenue of close to £320 million, but fell to a pre-tax loss of more than £43 million. At the time, the company’s total equity stood at £43.4 million.
Redwigwam Limited – March 27
Redwigwam Limited, a Liverpool-based temporary staff booking platform, fell into administration last month, appointing Simon Farr and Anthony Collier of FRP Advisory as joint administrators.
In the company’s accounts for the five months ending May 31 2023, its fixed assets were valued at £2.6 million and current assets at £464,608. At the time, its net assets amounted to slightly over £24,000.
IDMH Limited – March 27
IDMH Limited, which trades as Lighthouse, is a manufacturer of modular homes based in Sheffield. The company, which was founded in 2020, was placed into administration after bosses concluded that there was no near-term solution to secure its future, with Richard Goodall and Marty Rickels of FRP Advisory appointed as joint administrators.
The company’s balance sheet as of November 30 2022 shows fixed assets valued at £416,224 and current assets valued at £10.5 million. The company’s debts at the time, however, left it with net liabilities totalling £3.7 million.
Skurio Limited – March 28
Skurio Limited, a cybersecurity and digital risk protection company based in Belfast, fell into administration in March, appointing Scott Murray and Ian Davison of Keenan Corporate Finance as joint administrators.
In its accounts for the year to March 31 2023, the company reported revenue of slightly over £1 million, up from £930,736 a year earlier, but saw its pre-tax losses widen from £3 million to £3.2 million. At the time, the company’s net liabilities amounted to nearly £6 million.
Duchy Plant Hire Limited – March 28
Duchy Plant Hire Limited, a St Austell-based plant hire company, fell into administration last month, appointing Robert Dymond, Paul Wood and Huw Powell of Begbies Traynor as joint administrators.
The company’s balance sheet as of December 31 2022 shows fixed assets valued at £15.2 million and current assets of £1.8 million. At the time, its net assets amounted to £4.8 million.
Great Point Media Limited – April 1
Great Point Media Limited, a boutique media business based in London, fell into administration last month, with the Gazette posting the appointment of Andrew Charters and Chris Laverty of Grant Thornton as joint administrators on April 1. The administration comes weeks after the death of company founder and chairman Jim Reeve at age 64.
In the company’s accounts for the year to March 31 2022, it reported turnover of £20.6 million, up from £5.9 million a year earlier, but saw its pre-tax losses soar from £3.9 million to £18.5 million. The company stated that the loss was primarily the result of an “impairment of £17m on film and TV rights held on the Balance Sheet to reflect the sold prices that were crystallised post year end.”
At the time, the company’s fixed assets were valued at £6.6 million and current assets at £27.7 million, with net liabilities amounting to £17.8 million.
Find out more about the UK’s film and TV sector
Switch International Trailers (U.K.) Limited – April 2
Switch International Trailers (U.K.) Limited, a freight transport business based in Dartford, fell into administration last month, with Benjamin Wiles and Philip Dakin of Kroll Advisory appointed as joint administrators.
In the company’s accounts as of October 31 2022, its total assets were valued at around £2.2 million, with net assets amounting to £660,457.
Read more about the pressures impacting the UK’s haulage industry
UK Printing Company Limited – April 2
UK Printing Company Limited, a Derbyshire-based business that produced printed flags and other branded products, fell into administration in late March, appointing Mark Hodgett and David Willis of FRP Advisory as joint administrators.
In the company’s accounts for the year to September 30 2022, its fixed assets were valued at £856,209 and current assets at £492,285, with net assets amounting to almost £363,000.
Find out more here
Solo Rail Solutions Limited – April 2
Solo Rail Solutions Limited, a tier 1 single source supplier to the rail industry, fell into administration in March, appointing Roderick Butcher and Richard Goodwin of Butcher Woods as joint administrators.
In the company’s accounts as of June 30 2022, its current assets were valued at £4.9 million, with total equity amounting to £1.7 million.
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