Tue, 06 Feb 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.
The Cocktail Service Limited – January 30
The Cocktail Service Limited, an Oxford-based firm providing bar-staffing, drinks and mobile bar hire for the events, beverage and hospitality sectors, fell into administration in late January, with Richard Rendle of Rendle & Co appointed as administrator.
In its accounts for the year to May 31 2022, the company’s fixed assets were valued at slightly under £105,000 and current assets at close to £856,000. At the time, the company’s net liabilities amounted to slightly over £98,000.
Find out more about how rising financial distress could drive hospitality M&A this year
Babco UK Limited – January 30
Babco UK Limited, an alcoholic drinks wholesale group based in Sheffield, fell into administration, with Robert Dymond and Joanne Hammond of Begbies Traynor appointed as joint administrators. The joint administrators were also appointed to its subsidiary, Neptune Rum Limited.
In Babco UK Limited’s accounts to the year ending September 29 2022, its fixed assets were valued at £65,230 and current assets at £2.9 million. At the time, the firm’s net liabilities stood at just under £622,700.
TRG Liverpool Limited – January 31
TRG Liverpool Limited, a real estate investment company based in Liverpool, fell into administration in January, with Gary Hargreaves and Sarah Cook of FRP Advisory appointed as administrators. In the company’s accounts for the year ending October 31 2022, its current assets totalled £8.46 million and net liabilities stood at £186,443.
Business Environment Limited – January 31
Business Environment Limited, a London-based provider and manager of office space, fell into administration towards the end of January, with Lee Manning and Simon Jagger of Resolve Advisory appointed as joint administrators.
In the company’s accounts for the full year 2021, its turnover stood at just under £546,000, down from £700,592 a year earlier, while its operating losses widened from £2.4 million in 2020 to £13.2 million, with operations likely impacted by the shift towards remote and flexible working during and after the COVID-19 pandemic. At the time, its current assets were valued at £78.3 million and net assets at £2.2 million.
Flodatix Limited – February 1
Flodatix Limited, a Basingstoke-based energy technology company specialising in multiphase flow metering, fell into administration in late January with the appointment of Paul Ellison and David Taylor of KRE Corporate Recovery as joint administrators confirmed by the Gazette on February 1.
In the company’s accounts for the year to March 31 2023, its fixed assets were valued at £93,261 and current assets at close to £1.7 million. At the time, the company’s net assets were valued at £1.48 million.
Bridgetime Transport Limited – February 1
Bridgetime Transport Limited is a Cwmbran-based freight transport business and one of the biggest employers in the area. Huw Powell and Katrina Orum of Begbies Traynor were appointed as joint administrators to the company, which is a member of Pall-Ex, Fortec and APC and joined the Pallet Network in July 2023.
The company, founded in 2002, has a fleet of more than 100 vehicles and close to 100 staff members, specialising in general haulage, palletised freight, parcel delivery, warehousing and storage. The administration comes amid mounting insolvencies in the UK’s haulage sector.
In its latest accounts, its fixed assets were valued at £1.1 million an current assets at close to £2 million, with net assets standing at £923,194.
Find out more about the issues affecting the UK haulage sector
Team Redline Racing Limited – February 2
Team Redline Racing Limited, a Stockton-on-Tees based provider of maintenance and repair services for racing vehicles, fell into administration last week, with John Hedger of Seneca IP appointed as the company’s administrator.
In its accounts for the year to October 31 2021, the company’s fixed assets were valued at close to £800,000, with current assets standing at £1.3 million and net assets of just under £400,000.
Ventilation Centre Limited – February 2
Ventilation Centre Limited, a Sheffield-based manufacturer and supplier of duct air systems, fell into administration last week following more than 30 years of trading, with Michael Chamberlain and Rehan Ahmed of Quantuma Advisory appointed as joint administrators.
The company’s balance sheet as of June 29 2022 showed fixed assets of just over £47,000 and current assets valued at slightly over £1 million, while net assets amounted to £437,504.
Find out more about the headwinds facing UK manufacturers
Youngs Transportation & Logistics Limited – February 5
Youngs Transportation & Logistics Limited, a London-headquartered transport and warehousing firm with operations in Felixstowe, Grays, Southampton and Warrington, fell into administration with Alex Cadwallader and Dane O’Hara of Leonard Curtis appointed as joint administrators.
In the company’s accounts for the year ending November 30 2021, its turnover increased from £22.8 million to £35.2 million. Fixed assets at the time were valued at £1.8 million and current assets at more than £7.5 million, with net assets standing at £2.3 million.
Highlight Green Acres Limited – February 5
Highlight Green Acres Limited, a manufacturer and retailer of kitchen furniture that trades as Mereway Kitchens, fell into administration in January, with the appointment of Huw Powell, Mark Malone and Paul Wood of Begbies Traynor as joint administrators posted by the Gazette on February 5.
Highlight Green Acres Limited, a subsidiary of Sigma 3 Group, previously acquired the assets of Mereway Kitchen out of administration in August 2023 but, despite significant improvement and investment, has not been able to affect a successful turnaround.
In Mereway Kitchens Limited’s accounts for the year to December 31 2021, its turnover stood at £18.8 million and post-tax profits at £174,722. At the time, its net assets were valued at £1.3 million.
Wincanton Digital Print Limited – February 6
Wincanton Digital Print Limited, a Somerset-based specialist in digital, litho, large format and prepress print, fell into administration with Andrew Hook and Julie Palmer of Begbies Traynor appointed as joint administrators.
In the company’s accounts to October 31 2022, its fixed assets were valued at £505,211 and current assets at £433,782, while net liabilities amounted to just under £120,000.
A1 Comms Limited – February 6
A1 Comms Limited, a Derbyshire-based retailer of mobile phones, fell into administration earlier this month, with David Kemp and Richard Hunt of SFP Restructuring appointed as joint administrators. The company had filed a notice of intention (NOI) to appoint administrators on February 1.
In its accounts for the year to April 30 2022, its turnover stood at just over £152 million, with post-tax profits of close to £452,000. At the time, its fixed assets were valued at £2.3 million and current assets at £39.1 million, with total equity of £5.2 million.
Ollie Quinn UK Limited – February 6
Ollie Quinn UK Limited, a Middlesex-based opticians, fell into administration at the end of January, with the Gazette confirming the appointment of Andrew Hook and Julie Palmer of Begbies Traynor as joint administrators on February 6.
In the company’s accounts to the year ending June 30 2023, its fixed assets were valued at £433,526 and current assets at £1.6 million. At the time, however, its net liabilities stood at more than £4.8 million.
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