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.
Click here to download our free guide on finding and buying distressed businesses and assets
Opportunity to acquire a well-established aerospace component manufacturer in Derby with deep industry connections.
This is an exceptional opportunity to acquire a highly reputable packaging and finishing solutions company in Ireland, known for its unparalleled quality and expertise in the carton production and converting trade.
This expert joinery company specialises in high-quality fire doors and a wide range of second-fix joinery products, making it a standout opportunity for those looking to expand their market offering.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.