UK administrations update: December 3 – 10

Since our last update, the following businesses have been confirmed as having fallen into administration. All dates indicate when the administration was announced and not necessarily the dates on which administrators were appointed.

AKJ Enterprises Limited – December 3
AKJ Enterprises Limited, a Leicester-based wholesaler of household goods, fell into administration towards the end of November, with Situl Raithatha of Springfields Advisory appointed as administrator.

In accounts for the year to June 30 2023, the company’s fixed assets were valued at around £27,000 and current assets at slightly over £3 million, with net assets at the time amounting to £625,000.

Cyril Luff (Metal Decorators) Limited – December 3
Cyril Luff (Metal Decorators) Limited, a Gwent-based specialist in the decoration of tinplate and aluminium sheet packaging, fell into administration in late November, appointing Ed Connell and Mike Kienlen of Armstrong Watson as joint administrators.

In accounts for the year to May 31 2023, the company’s fixed assets were valued at approximately £610,000 and current assets at close to £1.3 million. Net assets at the time amounted to slightly over £500,000.

Team Tex (UK) Limited – December 4
Team Tex (UK) Limited, a Leicestershire-based wholesaler of children’s car seats, fell into administration at the end of last month, with Lee Lockwood and Deviesh Raikundalia of RSM UK Restructuring Advisory appointed as joint administrators.

The company’s collapse came after its international parent company and sole supplier, TEAM TEX, was placed into insolvency in France, meaning the UK business was unable to fulfil orders or continue trading. A marketing process for the business was deemed unviable, meaning that it has now ceased trading, with all staff made redundant.

In accounts for the year to December 31 2022, the company’s total assets were valued at around £1.5 million, but significant debts meant that its net liabilities exceeded £750,000.

Taz Rock Limited – December 5
Taz Rock Limited, a specialist crushing and screening firm supplying the construction, quarrying and recycling industries, fell into administration last week, with Sean Ward and Siann Huntley of Leonard Curtis appointed as joint administrators.

In accounts for the year to February 28 2023, the company’s fixed assets were valued at around £10.3 million and current assets at close to £2.8 million. However, the company’s debts meant that its net assets amounted to just £925,466.

KHH Cirencester Limited – December 5
KHH Cirencester Limited, the operating company behind the King’s Head Hotel in Cirencester, fell into administration at the end of November, with Ian Corfield and David Hudson of FRP Advisory appointed as joint administrators.

In accounts for the year to March 31 2023, the company reported turnover of approximately £5 million, up slightly from £4.9 million a year earlier, but fell from a post-tax profit of nearly £1.6 million in 2022 to a loss of more than £1.8 million.

At the time, its fixed assets were valued at £13.8 million and current assets at around £550,000, with net assets amounting to £3.1 million.

Find out more about the UK hotel industry

Stenn International Limited – December 5
Stenn International Limited, a London-based invoice financing provider, fell into administration last week, with Joshua Dwyer and Kristina Kicks of Interpath Advisory appointed as joint administrators.

The administration follows an application against the company and its funding vehicle Stenn Assets UK (which was placed into administration on the same day) last week by HSBC Innovation Bank. HSBC Innovation Bank had acted as security agent on a revolving credit facility that Stenn Assets UK signed in November 2022, that was originally valued at $25 million and initially signed with Silicon Valley Bank UK prior to its collapse and subsequent takeover by HSBC.

In accounts for 2023, Stenn International Limited reported revenue of just under $42 million (approx. £33 million), down by around 5 per cent from nearly $44 million a year earlier, while its losses ballooned from $8.1 million to more than $28 million. At the time, the company’s net liabilities totalled close to $27.1 million.

Marsh Holdings Limited and subsidiaries – December 6
Marsh Holdings Limited, a company running car and motorcycle dealerships across Exeter, Plymouth and Southampton, fell into administration last week, alongside several of its subsidiaries.

Jon Mitchell of Westcotts Business Recovery was appointed as administrator to Marsh Holdings Limited, Marsh Motorcycles Limited, Marsh Garages Limited and South West Motorcycles Limited.

In Marsh Holdings Limited’s most recent accounts, for the year ending December 31 2023, the group’s turnover was £30 million, down from nearly £32 million a year earlier, while gross profit dropped from £2.5 million to £1.6 million.

At the time, the group’s fixed assets were valued at £1.7 million and current assets at £7.4 million, with total equity standing at slightly over £1 million.

Mercer Agencies Limited – December 6
Mercer Agencies Limited, a Moira-based importer and wholesaler of Christmas and Garden furniture, fell into administration at the end of November, appointing Scott Murray and Ian Davison of Keenan Corporate Finance as joint administrators.

In accounts for the year to December 31 2023, the company reported turnover of £10.5 million, down slightly from £10.9 million a year earlier, while falling from a post-tax profit of around £180,000 to a loss of more than £842,000.
At the time, the company’s fixed assets were valued at £322,620 and current assets at £5.3 million, with net assets amounting to £2.2 million.

Pelta Medical Papers Limited – December 10
Pelta Medical Papers Limited, a Cumbria-based manufacturer and distributor of sterile barrier paper for the medical sector, fell into administration last week, with Mark Blackman and Benjamin Wiles of Kroll Advisory appointed as joint administrators.

In accounts for the year to December 31 2023, the company reported turnover of £45.4 million, down from £58.1 million a year earlier, while seeing its losses soar from £494,032 to £5.3 million.

At the time, its fixed assets were valued at £6 million and current assets at £17.1 million, with total equity standing at slightly under £4 million.

WMProp Group No 1 Limited – December 10
WMProp Group No 1 Limited, an investment company based in Cirencester, fell into administration in late November, with David Hudson and James Corfield of FRP Advisory appointed as joint administrators.

In accounts for the year ending March 31 2023, the company increased its turnover from £6.1 million to around £6.5 million. However, its losses increased considerably from £1.6 million to nearly £7.1 million.

At the time, the company’s fixed assets were valued at £35.4 million and current assets at £1.9 million. However, debts meant that its net liabilities at the time amounted to more than £48,000.


Click here to download our free guide on finding and buying distressed businesses and assets

Share this article

Latest Businesses for Sale

View more businesses for sale