UK administrations update: July 22 - 29

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.

Ahmeys Limited - July 22
Ahmeys Limited, a chemist based in Oxford, fell into administration earlier this month, with Paul Appleton and Paul Cooper of Begbies Traynor appointed as joint administrators.

In accounts for the year to November 30 2023, the company’s fixed assets were valued at £2.1 million and current assets at £1.1 million, with net assets amounting to £1.6 million.

Oakman Inns and Restaurants Limited - July 22
Oakman Inns and Restaurants Limited, a Hertfordshire-based pub group, fell into administration last week, with Ross Connock, Mark Banfield and Tom Crookham of PwC appointed as joint administrators. The three were also appointed joint administrators of Oakman Dev Limited.

According to PwC, challenging trading conditions and the COVID-19 pandemic had led the company to take out additional borrowing to continue trading. However, like many in the hospitality industry, it continued to be affected by headwinds such as rising costs and falling customer numbers.

In accounts for the year to July 2 2023, the company reported turnover of £35.6 million, up from £34.8 million a year earlier, but saw its pre-tax losses increase steeply from £1.7 million to £6.5 million.

Upon the appointment of the joint administrators, one freehold property and 13 leasehold sites were sold to Upham Group Limited, securing 531 jobs. However, six operational sites have been forced to close, leading to the loss of 159 jobs.

In the company’s 2023 accounts, its fixed assets were valued at around £24 million and current assets at £21.8 million, but net liabilities stood at £16.2 million.

Fund Ourselves Limited - July 23
Fund Ourselves Limited, a London-based provider of short-term loans, fell into administration last week, with Robert Young and Louise Brittain of Azets appointed as joint administrators.

In accounts for the calendar year 2023, the company’s fixed assets were valued at around £2.3 million and current assets at £65.4 million. However, significant liabilities meant that net assets amounted to slightly under £3.3 million.

Nutrivend Limited - July 24
Nutrivend Limited, a sports nutrition company based in Pontyclun, fell into administration last week, with Alex Cadwallader and Neil Bennett of Leonard Curtis appointed as joint administrators.

In accounts for the year to December 31 2023, the company’s fixed assets amounted to £1.1 million and current assets to £4 million, with net assets standing at under £60,000.

Advanced Composites & Engineering Technology Limited - July 25
Advanced Composites & Engineering Technology Limited, a Huntingdon-based manufacturer of lightweight composite components for industries including aerospace, communications, defence and engineering trading as ACE Technology, fell into administration earlier this month, with Scott Bevan and Simon Chandler of Forvis Mazars appointed as joint administrators.

In accounts for the year to July 31 2024, the company’s fixed assets were valued at around £286,000 and current assets at £2.4 million. However, net liabilities stood at close to £560,000.

Nightlife Leisure Limited - July 28
Nightlife Leisure Limited, a nightclub and cocktail bar operator trading as Simmons Bar, fell into administration last week, with Benjamin Wiles and Philip Dakin of Kroll Advisory appointed as joint administrators. Wiles and Dakin were also appointed joint administrators to a number of dormant companies within the group.

In accounts for the year to March 31 2024, the company reported turnover of £28.6 million, up slightly from £28 million a year earlier, but fell from a post-tax profit of around £2 million to a loss of close to £750,000.

According to directors, the company experienced “significant macroeconomic headwinds, with the cost of living crisis in particular having a large impact.” Industrial action within the transport sector was also cited as a particularly damaging headwind.

At the time, its fixed assets were valued at slightly over £9 million and current assets at £4 million, with net assets amounting to £543,000.

Heywood Rooftruss Company Limited - July 29
Heywood Rooftruss Company Limited, a Heywood-based supplier of timber carpentry, fell into administration last week, with Martyn Rickels and Anthony Collier of FRP Advisory appointed as joint administrators.

In accounts for the year to October 31 2023, the company reported turnover of £10.1 million, down from £10.6 million a year earlier, and increased its post-tax profits from around £774,000 to more than £880,000.

At the time, its fixed assets were valued at around £380,000 and current assets at £5.9 million, with net assets amounting to £1.3 million.

G.T.B. Components Limited - July 29
G.T.B. Components Limited, a St Helens-based heat treatment products manufacturer, fell into administration last week, with Patrick Lannagan and Conrad Pearson of Forvis Mazars appointed as joint administrators.
According to the joint administrators, the company experienced cash flow challenges, primarily as a result of challenging market conditions, leading to directors deciding to place the business into administration.

The administrators are now seeking a buyer for the company, which continues to trade during the administration process.

In accounts for the year to May 31 2024, the company’s fixed assets were valued at close to £2.2 million, with current assets valued at £2.1 million. Net assets at the time amounted to £1.9 million.

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