UK administrations update: June 11 – 17

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.

Eterlast Limited – June 11
Eterlast Limited, a blockchain technology company based in London, fell into administration at the end of May, with Allister Manson and Bradley Parrott of Opus Restructuring appointed as joint administrators.

In accounts for the year to March 31 2024, the company’s fixed assets were valued at around £443,000 and current assets at around £16,000, with net assets amounting to slightly over £250,000.

Pavilion HP13 Limited – June 12
Pavilion HP13 Limited, a London-based real estate company, fell into administration earlier this month, appointing Guy Hollander and Adam Harris of Forvis Mazars as joint administrators.

In accounts for the year to November 30 2024, the firm’s fixed assets were valued at £3.7 million and current assets at around £76,000, with net assets amounting to slightly over £54,000.

GB-Bio Limited – June 12
GB-Bio Limited, a biomass plant in East Yorkshire, fell into administration earlier this month, with David Shambrook and James Miller of RSM UK Restructuring Advisory appointed as joint administrators.

In accounts for the year to December 31 2023, the company’s fixed assets were valued at around £65.5 million and current assets at close to £350,000. However, its net liabilities at the time amounted to £55.8 million.

Workington Engineering Limited – June 12
Workington Engineering Limited, a Cumbria-based engineering firm trading as Chapel Bank Engineering, fell into administration earlier in June, with Iain Nairn and Sean Williams of Leonard Curtis appointed as joint administrators.

The longstanding company had already fallen into administration in 2022 and again in 2024, prior to rescue deals that kept it in operation. However, it was unable to avoid entering insolvency again and ceasing trading as a result of a failed effort to secure private investment.

In accounts for the year to March 31 2023, the company – then called TSP Engineering – generated turnover of £13.5 million and a pre-tax loss of around £53,000.

Find out more about the collapse of Chapel Bank Engineering

S & T Audio Limited – June 12
S & T Audio Limited, a retailer of musical instruments trading as PMT (Play Music Today), fell into administration last week, with Howard Smith and Richard Harrison of Interpath Advisory appointed as joint administrators.

The Liverpool-headquartered company had a network of stores across the UK and an online platform, PMT Online. However, as with many operators in the sector, it was hit by plummeting consumer spending, rising costs and tightening credit terms throughout the supply chain.

Upon the appointment of the joint administrators, the company’s 11 stores closed with immediate effect and the majority of its workforce was made redundant. The joint administrators were able to secure a sale of certain assets, including stock with an estimated value of £2.4 million, to Gear4Music.

In the year to April 30 2024, the company’s turnover stood at £43 million, down from £47.1 million a year earlier, while EBITDA fell from £574,133 to £182,489. The company closed two “low contribution” stores during the period.
At the time, its fixed assets were valued at £780,000 and current assets at £12.1 million, with net assets amounting to £4.1 million.

Find out more about PMT’s collapse here

B Taylor & Sons Limited – June 12
B Taylor & Sons Limited, a Nottinghamshire logistics and storage business, fell into administration last week, with Benjamin Peterson and Danny Dartnaill of BDO appointed as joint administrators.

The company, a major regional operator, was founded in 1974 and operated from a 250,000 sq ft facility in Sutton in Ashfield, providing logistics, storage, international freight forwarding and driver training services.

However, the company was ultimately heavily impacted by reduced demand cost inflation, factors that have had a significant effect on much of the UK logistics industry over recent years. The company ceased trading upon the appointment of the administrators.

In accounts for the year to March 31 2024, the company reported turnover of £15.7 million, down from £17.5 million the previous year, while pre-tax profits fell from £1.6 million to around £1 million. Fixed assets were valued at £8.2 million and current assets at £8.3 million, with net assets amounting to £11.1 million.

Read more about B Taylor & Sons’ administration

ZTZ Property Ventures Limited – June 13
ZTZ Property Ventures Limited, a property company linked to former Bangladeshi Land Minister Saifuzzaman Chowdhury, was placed into administration earlier this month, with Oliver Haunch and Hina Patel of Grant Thornton appointed as joint administrators.

Last year, Chowdhury was put under investigation by the Anti-Corruption Commission in Bangladesh over allegations of laundering money to the UK and amassing illegal wealth. Chowdhury used at least eight UK companies to build a portfolio of 260 UK companies.

Three of these companies, Zeba Properties Limited, Sadakat Properties Limited and Zaria Properties Limited, were placed into administration last month – see our administration update for May 28 – June 3.

In accounts for the year to June 30 2024, ZTZ Property Ventures’ fixed assets were valued at around £15.2 million and current assets at £1.3 million. However, net liabilities exceeded £130,000.

Edward Meeks Limited – June 13
Edward Meeks Limited, a footwear retailer based in Ashton-Under-Lyne, fell into administration earlier this month, with Lee Morris of Marshall Peters appointed as administrator.

In accounts for the year to December 31 2023, the company’s fixed assets were valued at over £720,000 and current assets at close to £490,000, with net assets amounting to approximately £420,000.

Powerrun Pipe-Mech Limited – June 16
Powerrun Pipe-Mech Limited, a West Yorkshire-based fabrications manufacturer, fell into administration last week, with Christopher Wood and Steven Hodgson of Clough Corporate Solutions appointed as joint administrators.

In accounts for the year ended June 30 2024, the company’s fixed assets were valued at around £93,000 and current assets at £2.1 million, with total equity amounting to over £320,000.

A B Developments (Yorkshire) Limited – June 16
A B Developments (Yorkshire) Limited, a Barnsley-based ready-mix concrete and aggregates supplier trading as AB Mix, fell into administration earlier this month, with Sean Williams and Phil Deyes of Leonard Curtis appointed as joint administrators.

In accounts for the year to October 31 2023, the company’s fixed assets were valued at around £755,000 and current assets at nearly £1.1 million. Net liabilities, however, exceeded £1.2 million.

B360 Limited – June 16
B360 Limited, a supplier of lighting, rigging, power and related infrastructure to the television and broadcast industries, fell into administration last week, with Andrew Hook and Julie Palmer of Begbies Traynor appointed as joint administrators.

In accounts for the year to June 30 2024, the company’s fixed assets were valued at £1.4 million and current assets at around £390,000, with net assets standing at around £41,000.

Alufold Direct Limited – June 16
Alufold Direct Limited, a Blackburn-headquartered manufacturer of aluminium door and window systems, fell into administration last week, with Mark Hodgett and Philip Armstrong of FRP Advisory appointed as joint administrators.

The company’s collapse followed a period of financial pressure, which disrupted a planned sale process, and led to the appointment of administrators, with the majority of employees subsequently made redundant. The joint administrators are now seeking a buyer for the business and its assets.

In accounts for the year to December 31 2023, the company generated revenue of £13.8 million, down from £17 million a year prior, while pre-tax losses increased marginally from just under £1 million to around £1.1 million. Its fixed assets, at the time, were valued at £1.9 million and current assets £4.5 million, with net liabilities amounting to around £450,000.

Find out more about what caused Alufold’s administration

LCC Therapeutics Limited – June 16
LCC Therapeutics Limited, a Runcorn-based chiral chemistry drug discovery company, fell into administration last week, appointing Andrew Poxon and Hilary Pascoe of Leonard Curtis as joint administrators.

In accounts for the year to December 31 2023, the company’s fixed assets were valued at around £437,000 and current assets at £4.5 million, with net assets standing at £3.2 million.

Cambrian Associates Limited – June 17
Cambrian Associates Limited, a financial adviser firm based in North Wales, fell into administration last week, with Dean Watson and Paul Stanley of Begbies Traynor appointed as joint administrators.

Despite entering administration, the joint administrators say that the company, which has been trading for more than 50 years, remains authorised and regulated by the FCA.

In accounts for the year to August 31 2024, the company’s fixed assets were valued at around £503,000 and current assets at approximately £511,000. However, the firm’s net liabilities totalled close to £670,000 at the time.

Meddings Thermalec Limited – June 17
Meddings Thermalec Limited, a Devon-based manufacturer of heaters, fell into administration last week, with Michelle Weir of Lameys appointed as administrator.

In accounts for the year ending March 31 2023, the company, which is part of the wider Meddings Group, had fixed assets valued at around £995,000 and current assets of close to £1.4 million. However, its net liabilities at the time exceeded £907,000.

Tom Davies Bespoke Eyewear Limited – June 17
Tom Davies Bespoke Eyewear Limited, a Brentford-based retailer of luxury eyewear, fell into administration last week, appointing Colin Wilson and Trevor Binyon of Opus Restructuring as joint administrators.

In accounts for the year to December 31 2023, the company’s fixed assets were valued at around £232,000 and current assets at close to £1.1 million. However, its net liabilities at the time totalled more than £3.6 million.

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