Wed, 04 Sep 2024 | ADMINISTRATION
A shower products manufacturer and supplier based in Leicestershire has fallen into administration, with the company’s assets now set to be marketed for sale. The collapse of Aqualux Products Limited comes after the company posted a notice of intention to appoint administrators (NOI) last month.
Hinckley-based Aqualux Products Limited has been trading for 45 years, manufacturing and supplying products including showers, bath and shower screens, brace bars, soap and toilet roll holders and fixing packs.
The company, which has been owned by the AQ Group since 2019, employed 24 people at its Leicestershire base at the time of its most recent accounts, which were made up to the end of June 2022.
In those accounts, the company stated that it had incurred a loss during the year, with the report stating that “material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern.”
Last month, the company filed a NOI to appoint administrators through law firm Fieldfisher, with Raj Mittal and Ben Jones of FRP Advisory appointed as joint administrators just two days later on August 29. Upon the appointment of the joint administrators, around 18 jobs were lost.
FRP Advisory partner and joint administrator Raj Mittal commented: “Aqualux Ltd is a well-regarded brand having a presence in the sector for almost 40 years.”
“Unfortunately, due to the impact of the cost-of-living crisis on the home improvement sector and ongoing financial pressures owing to material cost inflation, the business was no longer able to keep trading.”
“We’re now focused on the marketing of assets for sale and providing support for all impacted staff with their applications to the Redundancy Payments Service.”
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.
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