UK administrations update: January 2 –7

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.

Marchantcain Design Limited – January 2
Marchantcain Design Limited, a designer and builder of mechatronic components for the automotive industry, fell into administration in December, with Conrad Beighton and Kirsty Swan of Leonard Curtis appointed as joint administrators.

In accounts for the year to February 29 2024, the company’s fixed assets were valued at approximately £111,000 and current assets at around £663,000. However, its net liabilities at the time exceeded £776,000.

Stega UK Limited – January 2
Stega UK Limited, a London-based managed security services provider, fell into administration last month, appointing Simon Campbell and Andrew Watling of Quantuma Advisory as joint administrators.

In accounts for the period from August 9 2021 to December 31 2022, the company generated turnover of approximately £894,000, compared to £329,113 in the period from December 1 2020 to August 8 2021. However, its post-tax losses increased sharply from around £84,000 to nearly £277,000.

At the time, the company’s fixed assets were valued at approximately £50,000 and current assets at £262,618. However, the company’s net liabilities at the time amounted to slightly over £247,000.

ECS Capital Limited – January 3
ECS Capital Limited, an Altrincham-based financial services firm, fell into administration last week, with Edward Avery-Gee and Daniel Richardson of CG & Co appointed as joint administrators.

In accounts for the year to March 31 2023, the company’s total assets were valued at slightly over £5.6 million, with net assets standing at £2.1 million.

Andrews Marquees Limited – January 6
Andrews Marquees Limited, a Bristol-based marquee hire firm operating across Bristol, Bath, Somerset, Dorset and Wiltshire, fell into administration at the end of December, with Rob Coad and Sam Talby of South West & Wales Business Recovery appointed as joint administrators.

In accounts for the year to February 29 2024, the company’s fixed assets were valued at close to £3 million and current assets at around £9,000. However, liabilities meant that its net assets were valued at just £471.

Platform Nine Limited – January 7
Platform Nine Limited, a co-working and events space provider based in Brighton and Hove, fell into administration at the end of last month, with Sean Bucknall and Elias Paourou of Quantuma Advisory appointed as joint administrators.

In accounts for the year to April 30 2023, the company’s fixed assets were valued at slightly over £1.1 million and current assets at around £412,000. However, its net liabilities at the time amounted to just over £1.2 million.


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