Tue, 08 Jul 2025 | ADMINISTRATION
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.
Prohire Limited - July 2
Prohire Limited, a Stoke-on-Trent-based vehicle rental and contract hire firm, fell into administration last month, along with holding company Prohire Group Limited, with Timothy Vance and Samuel Woodward of Ernst & Young appointed as joint administrators of both firms.
According to administrators, the company had struggled with liquidity challenges in recent years and, despite management exploring options to safeguard the business, they were unable to raise the funding required to continue trading.
In the year to March 31 2024, the company generated turnover of £52.8 million, up from £44.4 million the year earlier, but dropped from a post-tax profit of approximately £1.2 million to a loss of around £132,000.
At the time, fixed assets were valued at £43.4 million and current assets at £42.3 million, while net assets totalled approximately £12.6 million.
State Oil Limited and subsidiaries - July 3
State Oil Limited, the parent company of Lindsey oil refinery owner Prax Group, fell into administration along with numerous subsidiaries in late June, with Clare Boardman, Matthew Roe and Paul Meadows of Teneo Financial Advisory appointed as joint administrators.
State Oil employs around 180 staff, while a further 440 workers are employed at the Prax Lindsey Refinery, with hundreds more people thought to work throughout the rest of the group.
Administrators were reportedly called in as a result of mounting losses at the Prax Lindsey Refinery.
Along with oil field interests in the Shetlands, the group owns around 200 petrol stations and has retail operations across several sectors. Some group assets, including petrol stations and oilfields, are not in administration, but will reportedly be subject to decisions by insolvency practitioners about future ownership.
In accounts for the year to February 28 2024, the group reported revenue of $10.2 billion (approx £7.5 billion) down from $10.5 billion (approx £7.7 billion) a year earlier, and saw losses widen from $11.6 million (£8.5 million) to $28.7 million (£21 million).
Subsidiaries that have fallen into administration include:
Harvest Energy Aviation Limited
A supplier of fuels and lubricants for the commercial and general aviation industry, Harvest Energy Aviation Limited reported turnover of $172.1 million (£126 million) in the year to February 29 2024, up from $65.5 million (£48 million) a year earlier, and moved from a loss of $810,646 (£595,000) to a profit of $1.2 million (£880,600).
At the time, current assets were valued at $7.2 million (£5.3 million), with net assets of $2.1 million (£1.5 million).
Prax Petroleum Limited
Petrol and diesel wholesaler Prax Petroleum Limited generated turnover of $3.5 billion (£2.6 billion) in the year to February 29 2024, down from $4.1 billion (£3 billion) a year earlier, and saw its losses widen from $14.5 million (£10.6 million) to $48.8 million (£35.8 million). Net assets at the time totalled $63.8 million (£46.8 million).
Harvest Energy Limited
Automotive and industrial fuel wholesaler Harvest Energy Limited reported turnover of $1.5 billion (£1.1 billion) in the year to February 29 2024, down from $1.8 billion (£1.3 billion) the year prior, while post-tax profits fell from around $548,000 (£402,000) to approximately $180,000 (£132,158). Net assets totalled $19.3 million (£14.1 million).
Prax Treasury Limited
Financial management division Prax Treasury Limited fell to a post-tax loss of $2.4 million (£1.7 million) in the year to February 29 2024, compared to a profit of $118,435 (£87,000) a year earlier. Net liabilities at the time totalled nearly $2.3 million (£1.6 million).
AJT Dimsum Limited - July 4
AJT Dimsum Limited, which trades as the Ping Pong chain of dim sum restaurants in London, fell into administration last week, appointing Asher Miller and Stephen Katz of Begbies Traynor as joint administrators.
The chain had been operating in the capital for 20 years, but has closed all of its four remaining restaurants (down from a peak of 13 locations) and immediately ceased trading, with no specific reason given for the decision.
In accounts for the period from November 18 2022 to March 31 2024, the company reported turnover of £16.2 million and a pre-tax profit of £40,489. At the time, its fixed assets were valued at £3.1 million and current assets at approximately £1.6 million.
J D Engineering (NW) Limited - July 4
J D Engineering (NW) Limited, a mechanical, electrical and plumbing engineering firm based in Wirral, fell into administration last month, with Jason Greenhalgh and Stephen Berry of Begbies Traynor appointed as joint administrators.
In accounts for the year to September 30 2024, the company’s assets were valued at around £2.6 million and net assets at around £515,000.
R3 IoT Limited - July 4
R3 IoT Limited, an Internet of Things communication and data service provider based in Glasgow, fell into administration last month, with David McGuinness and Judith Howson of AAB Business & Tax Advisory appointed as joint administrators.
In accounts for the year to June 30 2024, the company, then trading as Krucial, reported fixed assets of around £800,000 and current assets of approximately £2 million, with net assets standing at £2.4 million.
Greyville Enterprises Limited - July 7
Greyville Enterprises Limited, a distributor of bicycle components, accessories and maintenance products, fell into administration last month, with Paul Ellison of KRE Corporate Recovery and Steven Wiseglass of Inquesta appointed as joint administrators.
The Worcestershire-based company reported revenue of £3.4 million in 2024, up from £2.8 million a year earlier, but fell from a post-tax profit of £34,000 to a loss of £216,000.
According to administrators, the company collapsed as a result of being unable to cover its debt liabilities. A buyer is now being sought for the business.
Find out more about the collapse of Greyville Enterprises
Cinchona Technologies Limited - July 8
Cinchona Technologies Limited, a London-based e-commerce SME accelerator, fell into administration last week, with James Saunders and Michael Lennon of KR8 Advisory appointed as joint administrators.
In accounts for the year to December 31 2023, the company’s fixed assets were valued at £13.1 million and current assets at around £4.6 million, with total equity amounting to £7.2 million.
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