UK administrations update: July 8 - 15

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.

Kennelpak Limited - July 8
Kennelpak Limited, a Nottingham-based pet products company, fell into administration earlier this month, with Kerry Bailey and Mark Thornton of BDO appointed as joint administrators.

Upon their appointment, the joint administrators secured a sale of dog chew brand Yakers, along with associated assets and stock, to Asisi Pet Care in a pre-pack deal. However, 51 jobs were lost across the wider group, with the administrators seeking a sale of its remaining assets.

In accounts for the year to March 31 2024, the group reported turnover of around £37.2 million, up from approximately £34 million a year earlier, and profits of £630,000. £16.4 million was attributable to the group’s retail division, which was sold in 2024.

At the time, its fixed assets were valued at around £4.5 million and current assets at £16.3 million, with total equity amounting to £8.2 million.

Find out more about Kennelpak’s collapse

Seraphine Limited - July 9
Seraphine Limited, a leading UK maternity wear brand, fell into administration last week, with William Wright and Christopher Pole of Interpath Advisory appointed as joint administrators.

The collapse of the company, which operated online, from a flagship store in Kensington and through stockists including Next and John Lewis, was attributed to cashflow pressures and unsuccessful efforts to secure a sale or refinancing.

The joint administrators are exploring a sale of the company and its assets, including its high-profile brand.

The company generated turnover of £32.6 million in the year to March 31 2024, down from £40 million the previous year, while post-tax losses widened from £4.4 million to £10.1 million. Total assets were valued at around £22 million, but net liabilities exceeded £5.8 million.

Read more about Seraphine’s administration

XL Joinery Limited - July 10
XL Joinery Limited, a Bristol-based door supplier, fell into administration earlier this month, with Mark Supperstone and Chris Farrington of S&W Partners appointed as joint administrators.

In accounts for the year to December 31 2023, the company reported turnover of £24.1 million, down from around £28.6 million a year earlier, but cut its losses from £2.8 million to around £1.9 million.

At the time, directors stated that the ongoing impact of the cost-of-living crisis, rising inflation and interest rates and a significant slowdown in housebuilding “had a continued impact on the business in this financial year.”

At the time, its fixed assets were valued at £176,358 and current assets at £10.3 million, with net assets amounting to around £6.8 million.

Axis Logistics Limited - July 10
Axis Logistics Limited, the in-house logistics division of Prax Group, which collapsed earlier this month, fell into administration last week, with Kristian Shuttleworth, Clare Boardman and Paul Meadows of Teneo Financial Advisory appointed as joint administrators.

In accounts for the year to February 29 2024, the company reported turnover of £22.6 million, up slightly from £21.4 million, but fell to a post-tax loss of £1.2 million.

At the time, the company’s fixed assets were valued at £4.2 million and current assets at £1.8 million, with net assets amounting to slightly over £925,000.

Payme Limited - July 11
Payme Limited, a payroll services firm based in Wetherby, fell into administration last week, with Paul Zalkin and Tom Parish of Quantuma Advisory appointed as joint administrators.

In accounts for the year to March 31 2024, the company reported turnover of £99.3 million, down from £101.5 million a year earlier, while pre-tax profits fell from around £388,000 to slightly over £101,000.

At the time, its fixed assets were valued at £247,214 and current assets at £16.1 million, with net assets totalling £1.2 million.

DACS Limited - July 11
DACS Limited, a company that designs, manufactures and installs high-performing automation and electrical systems, fell into administration earlier this month, with Lisa Moxon and Christopher Barrett of Dow Schofield Watts appointed as joint administrators.

In accounts for the year to June 30 2024, the company reported turnover of £9.7 million, down from £12.5 million a year earlier. However, it increased its post-tax profit from around £557,000 to approximately £906,000.

At the time, its fixed assets were valued at around £131,000 and current assets at £6.5 million, with net assets amounting to slightly over £3 million.

MSI Group Limited - July 11
MSI Group Limited, a London-based recruitment agency, fell into administration last week, with Engin Falk of Cornerstone Business Turnaround and Recovery appointed as administrator. Falk was also appointed as administrator to subsidiary firm MSI Recruitment Limited (see below).

In accounts for the year to March 31 2024, the company said it had “faced a challenging year due to the restriction on agency spend on the NHS”, resulting in a drop in turnover, and also cited the impact of inflationary pressures.

Turnover fell from £57.7 million in 2023 to around £52.3 million, while pre-tax profits fell from £1.6 million to £216,000. At the time, the company’s fixed assets were valued at £160,000 and current assets at £10 million, with net assets amounting to £1.5 million.

The Beauty Academy Limited - July 14
The Beauty Academy Limited, a Cambridge-based provider of accredited beauty training courses, fell into administration last week, with Lisa Moxon and Christopher Barrett of Dow Schofield Watts Business Recovery appointed as joint administrators.

In accounts for the year to December 31 2024, the company’s assets were valued at around £3 million and total equity at approximately £2.8 million.

MSI Recruitment Limited - July 14
MSI Recruitment Limited, the trading subsidiary of MSI Group Limited, fell into administration last week, with Engin Falk of Cornerstone Business Turnaround and Recovery appointed as administrator.

As with its holding company, the firm said that restriction on agency spend on the NHS had impacted the business. Despite turnover increasing from £34.1 million in 2023 to £36.2 million in 2024, pressure on charge rates meant that gross profit remained flat at £3.3 million, showing little change from 2023.

At the time, the company’s current assets were valued at £8.1 million, with net assets amounting to £605,000.

Rigby Group Limited - July 15
Rigby Group Limited, a real estate group based in Blackpool, fell into administration last week, with David Acland and Gary Hargreaves of FRP Advisory appointed as joint administrators.

In accounts for the year to February 29 2024, the company’s fixed assets were valued at £6.3 million and current assets at £4.5 million, with net assets standing at around £255,000.

Greenfold Systems Limited - July 15
Greenfold Systems Limited, a Dunfermline-based provider of manufacturing and assembly services to the commercial vehicle industry, fell into administration last week, with Callum Carmichael and Michelle Elliot of FRP Advisory, as well as Shona Henderson of Henderson Loggie, appointed as joint administrators.

The company’s collapse was attributed to the recent withdrawal of a key contract with bus manufacturing company Alexander Dennis Limited, which accounted for a significant part of its business.

The company will now be wound down, with administrators set to conduct an asset sale in order to maximise returns for creditors. In accounts for the year to September 30 2023, the company’s fixed assets were valued at £1.1 million and current assets at £1.9 million, with total equity totalling around £580,000.

Find out more about Greenfold Systems’ collapse

Alti Re Limited, Alvarium Fund Managers (UK) Limited and related companies - July 15
Alti Re Limited and Alvarium Fund Managers (UK) Limited, alternative investment fund management and real estate investment services providers, fell into administration last week, along with various related companies, with Matthew Mawhinney and David Soden of Teneo Financial Advisory appointed as joint administrators.

Alti Re is an alternative investment fund manager dealing in corporate advice and the manufacture and distribution of real estate transactions. The company as a principal for several appointed representatives, including Social Housing Income Advisors Limited and AlTi Strategic Advisory (UK) Limited, which have also fallen into administration.

Mawhinney and Soden have also been appointed as joint administrators of Alti Asset Management Holdings Limited, Alti Asset Management Holdings 2 Limited and Alti RE Public Markets Limited.

In the year ending December 31 2023, Alti Re Limited reported turnover of £4.4 million, down from around £10.2 million a year earlier, and fell from a pre-tax profit of around £3 million to a loss of approximately £4.5 million.

At the time, its fixed assets were valued at £4.8 million and current assets at £61.9 million, with net assets of £57.3 million.

During the same period, Alvarium Fund Managers (UK) Limited reported turnover of £1.4 million, up from £1.1 million, but fell from a pre-tax profit of £184,000 to a loss of around £37,000. Its current assets were valued at £1.9 million and net assets at £1.4 million.

Fred Mence (Construction) Limited - July 15
Fred Mence (Construction) Limited, a construction company based in Washington, fell into administration last week, with Paul Kings of KRE and Steven Ross of FRP Advisory appointed as joint administrators.

In accounts for the year to June 30 2024, the company’s fixed assets were valued at around £2.7 million and current assets at £1.6 million, with net assets amounting to approximately £1.4 million.

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