Tue, 23 Jan 2024 | ADMINISTRATION
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.
Gwynedd Shipping Limited – January 17
Gwynedd Shipping Limited, a haulage firm based in North Wales, fell into administration and ceased trading amid rising levels of financial distress in the UK haulage industry. James Saunders and Michael Lennon of Kroll were appointed as joint administrators of Gwynedd Shipping Limited and Gwynedd Transport Limited.
Despite the collapse, the joint administrators said they are hopeful of securing buyers for certain assets and that several parties are interested. The company reported turnover of £18.5 million in the year to May 2022, while total equity stood at around £910,000.
A spokesperson for Kroll said: “The businesses, which originally began trading almost 40 years ago, have faced financial challenges common in the transport and distribution sector including certain loss-making contracts.”
Find out more about headwinds facing the haulage sector
Flat Cap Hotels Limited – January 18
Flat Cap Hotels Limited, a family-owned boutique hotel group with three venues in Cheshire, fell into administration as a result of factors including inflation, the cost-of-living crisis and persistent issues relating to the COVID-19 pandemic. Gareth Prince, Mark Malone and Julian Pitts of Begbies Traynor were appointed as joint administrators to the group, as well as to its three hotels: The Bridge Cheshire Limited; The Courthouse Cheshire Limited; and Vicarage Freehouse and Rooms Limited.
The Bridge Hotel, located in Prestbury, and The Vicarage, in Cranage, will both continue trading, but The Courthouse, in Knutsford, has closed with immediate effect. The joint administrators have said that their focus now is on “stabilising the operating position of the business and exploring future options.”
Find out more about M&A trends in the hotels sector
Aviation and Tech Capital Limited – January 18
Aviation and Tech Capital Limited, trading as ABLRate, is a regulated peer-to-peer (P2P) lending platform that facilitated crowdfunding loans used to finance onward lending to SMEs. Sean Bucknall, Brian Burke and Andrew Hosking of Quantuma Advisory Limited were appointed joint administrators after the firm was declared insolvent.
Hantona Limited – January 18
Hantona Limited, which traded as two care homes – Delph House Nursing Home and The Old Rectory Nursing & Residential Home – is a residential care provider for the elderly and disabled. Thomas Grummitt and Andrew Smith of DSW Bridgewood were appointed as joint administrators of the company, as well as to another care home: Warwick Park House Limited.
In the company’s accounts for the year to February 28 2021, its fixed assets were valued at slightly over £1.1 million and current assets at around £452,000. However, at the time, the company’s net liabilities amounted to just over £250,000.
Tile Choice Limited – January 19
Tile Choice Limited, a wholesaler and retailer of tiles headquartered in Wolverhampton, fell into administration and ceased trading, with Roderick Butcher and Richard Goodwin of Butcher Woods appointed as joint administrators.
The company traded from 18 stores across the East and West Midlands, as well as operating an online store, and had a 30,000 sq ft warehouse and distribution centre. In the company’s accounts for the year ending June 30 2022, it reported turnover of just under £16 million, down from £16.7 million a year earlier, while operating profit fell from just shy of £1 million to £641,611.
While turnover remained strong, the drop in profit was attributed to the closure of an underperforming location, as well as a fall from the strong sales experienced during COVID-19 lockdown and a reduction in online trade following the reopening of physical stores.
At the time, the company’s fixed and current assets were each valued at around £4.5 million, with net assets standing at £2.1 million.
Formaplex Technologies Limited – January 19
Formaplex Technologies Limited, a components manufacturing firm based in Portsmouth, fell into administration after seeing contracts with car manufacturers Aston Martin and Bentley terminated over recent months.
The company manufactures and engineers polymer, composite and carbon fibre lightweight components for the automotive, defence, aerospace and medical sectors. It has a site at Access Point in Cosham, Voyager Park in Portsmouth, as well as two sites in Horndean and Havant.
A spokesperson said: "Active discussions with the company’s customers have begun, with a view to securing funding for the continued trading of the business whilst a buyer is sought over the coming weeks."
Find out more about the headwinds facing UK manufacturers
FleetTEQ Limited – January 22
FleetTEQ Limited is a provider of commercial vehicle maintenance services based in Ashford, Kent. The company provides a wide range of mobile maintenance services, including inspections, repairs, services, MOTs and air conditioning, working with a range of HGV and LCV vehicles.
Bai Cham and Manjit Shokar of Begbies Traynor were appointed as joint administrators to the company, which reported fixed assets of around £129,000 and current assets of close to £250,000, with net liabilities of around £228,000, in its accounts for the year to April 30 2022.
Haygain Limited – January 23
Haygain Limited is London-headquartered equestrian health company manufacturing hay steamers, slow feeders and stall flooring. David Taylor and Paul Ellison of KRE Corporate Recovery were appointed as joint administrators to the company on January 18, with their appointment confirmed on January 23.
In the company’s accounts for the year to December 31 2022, its fixed assets were valued at £1.4 million and current assets at over £1.9 million. However, the company’s significant debts at the time meant that its total liabilities stood at close to £5.4 million.
Make It Plain Limited – January 23
Make It Plain Limited, which trades as Kinteract, is a Melton Mowbray-based provider of an interactive platform providing services for schools including assessment, feedback and collaboration between teachers, students and parents.
The company fell into administration on January 15, with the appointment of Nathan Jones and John Lowe of FRP Advisory confirmed on January 23. The company’s accounts and confirmation statement are overdue at Companies House, which lists an active proposal to strike off the firm. In its most recently available accounts, for the year to December 31 2021, its fixed assets were valued at £716,525 and current assets at close to £295,000, with total equity of £766,192.
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