Fri, 07 Sep 2012 | ADMINISTRATION
Rail Tech, an established business headquartered in Suffolk and specialising in railway and signal engineering, has been forced into administration.
The business has appointed Simon Robert Thomas of Moorfields Corporate Recovery Llp to handle the situation but it is unclear at the moment exactly what forced the company into administration.
Looking back over its accounts, Rail Tech saw a substantial decline in turnover between 2010 and 2011 (the most recent year for which accounts are available). In the 12 months to 31 March 2010, the business turned over £7.08 million. This dropped to just £4.62 million in the three months to 31 March 2011.
Unfortunately, other forces meant that the firm was left with a negative net worth of -£56,44 and a working capital of -£121,547. Its total assets of £1,384,094 could be of some use to the administrators looking to pay off creditors, however.
The Business Sale Report will update this story as more information regarding the administration becomes available.
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