UK administrations update: March 3 - 9

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.

Market Financial Solutions Limited - March 3
Market Financial Solutions Limited, a bridging lender headquartered in London, fell into administration last month, with Ben Browne, Alastair Beveridge and Simon Appell of AlixPartners appointed as joint administrators.

The collapse of the company came after a High Court judge determined that insolvency practitioners should investigate claims of fraud at the business. Private investors potentially exposed to losses include a number of major City and Wall Street institutions.

In the year to December 31 2024, Market Financial Solutions Limited reported turnover of £71.6 million, up from £44.1 million a year earlier, while operating profits rose from around £3.9 million to £10.5 million.

At the time, its fixed assets were valued at £4.5 million and current assets at £252.4 million, with net assets totalling around £15.9 million.

The Times reports that one of MFS’s creditors, Mukesh Patel, organised a meeting of private investors to discuss taking collective action, including appointing lawyers to explore recovery options.

According to the report, Patel opposed the appointment of AlixPartners and instead sought the appointment of Stephen Katz of BTG Begbies Traynor and Nimish Patel of Coots & Boots. Katz and Patel have been appointed as joint administrators to a number of companies connected to MFS, including Market Financial Solutions International Limited, Market Financial Services Limited and Market Financial Solutions (Funding) Limited, among others.

Find out more about the collapse of MFS

Smartbox.AI Limited - March 4
Smartbox.AI Limited, a Harrow-based data privacy and compliance platform, fell into administration last month, with Paul Ellison and Christopher Errington of KRE Corporate Recovery appointed as joint administrators.

In accounts for the year to April 30 2025, the company’s assets were valued at £4.6 million, but net liabilities totalled £6.3 million.

WCM Europe Limited - March 4
WCM Europe Limited, a Basildon-based manufacturer of automotive components, fell into administration last week, with Timothy Bateson and Ryan Grant of Interpath Advisory appointed as joint administrators.

In accounts for the year ending December 31 2023, the company’s most recently available at Companies House, it reported turnover of £29.2 million, up from around £24 million a year earlier, while recovering from an operating loss of slightly over £468,000 to a profit of approximately £524,000.

At the time, its fixed assets were valued at £8 million and current assets at £13.1 million, with net assets amounting to £5.1 million.

Swift and Whitmore Limited - March 5
Swift and Whitmore Limited, a West Midlands-based manufacturer and supplier of abrasives, fell into administration last month, with Michael Lennon and Mark Blackman of KR8 Advisory appointed as joint administrators.

In accounts for the year to March 31 2025, the company’s fixed assets were valued at £1.5 million and current assets at £4.2 million, with net assets amounting to around £4.3 million.

Woodmansey Farming Company Limited - March 6
Woodmansey Farming Company Limited, a farming company based in Colchester, fell into administration last month, with David Shambrook, Stephanie Sutton and Gordon Thomson of RSM UK Restructuring Advisory appointed as joint administrators.

In accounts for the year to December 31 2024, the company’s fixed assets were valued at around £518,000 and current assets at £6.4 million, but total liabilities exceeded £1.3 million.

HPL Prototypes Limited - March 6
HPL Prototypes Limited, a specialist automotive coachwork and prototyping company based in Allesley, Coventry, fell into administration last week, with Tyrone Courtman and Gareth Harris of RSM appointed as joint administrators.

In accounts for the year to September 30 2024, the company’s fixed assets were valued at £2.4 million and current assets at £8.5 million, with net assets totalling £1.3 million.

Find out more about the collapse of HPL

KASL Precision Machining Limited - March 6
KASL Precision Machining Limited, a CNC machining specialist based in Houghton Le Spring, fell into administration last week, with Steve Kenny of KBL Advisory and Jonathan Amor of Azets appointed as joint administrators.

In accounts for the year to December 31 2024, the company’s fixed assets were valued at £982,477 and current assets at £1.5 million, with net assets amounting to around £686,000.

Pagazzi Lighting (Services) Limited - March 6
Pagazzi Lighting (Services) Limited, a Glasgow-based lighting retailer, fell into administration last month, with George Lafferty of BTG Begbies Traynor appointed as administrator. Laffery was also appointed as administrator of Pagazzi Lighting Concessions Limited.

The company, then trading as Pagazzi Lighting Limited, previously fell into administration in September 2023 and underwent a restructuring. However, the company has continued to face cash flow problems, amid poor trading conditions and higher operating costs. 11 retail stores across Scotland and Northern England have closed as a result of the administration.

In accounts for the year to March 31 2024, Pagazzi Lighting (Services) Limited;s fixed assets were valued at approximately £720,000 and current assets at around £1.3 million, with net assets of close to £161,000.

Pagazzi Lighting (Concessions) Limited, meanwhile, had assets totalling around £240,000, but net liabilities exceeded £393,000.

Find out more about Pagazzi Lighting’s fall into administration

Wilshire Benchmarks TopCo Limited and Wilshire Opco UK Limited - March 9
Wilshire Benchmarks TopCo Limited and Wilshire Opco UK Limited, two companies comprising the UK indexing arm of Wilshire, fell into administration last week, with Chad Griffin and Daniel Conway of FRP Advisory appointed as joint administrators.

The administration comes as Wilshire offloads assets associated with its UK benchmark business. The joint administrators are set to wind up the remaining business of the two subsidiaries and seek a sale of its style and smart beta indices.

In accounts for the year to December 31 2024, Wilshire Benchmarks TopCo Limited’s fixed assets were valued at around £79,000 and current assets at £12.4 million, with net assets totalling close to £6.1 million.

For the same period, Wilshire Opco UK Limited’s fixed assets were valued at £57,522 and current assets at £17.3 million, with net assets totalling approximately £15.5 million.

C2 VTG Group Limited - March 9
C2 VTG Group Limited, a Cambridge-based clothing retailer, fell into administration last month, with Peter Harold of Bespoke Insolvency Solutions appointed as administrator.

In accounts for the year to December 31 2024, the company’s fixed assets were valued at approximately £21,000 and current assets at £2.5 million, with net assets amounting to £1.9 million.

Amber Energy Solutions Limited - March 9
Amber Energy Solutions Limited, an energy consultancy based in Cardiff, fell into administration last week, with Matthew Whitchurch and Jonathan Dunn of FRP Advisory appointed as joint administrators.

The company’s collapse comes in the wake of financial pressures, which led to cashflow challenges and a fall in revenue during 2025. Despite an accelerated marketing process initially generating interest in the business, only limited assets sales were ultimately achieved, with a solvent sale not proceeding as interested parties withdrew.

In accounts for the year to December 31 2024, the company had shown an increase in revenue, which rose from £9.5 million in 2023 to £11.4 million, while operating profit rose from approximately £1.5 million to nearly £1.7 million.

At the time, the company’s non-current assets were valued at slightly over £801,000 and current assets at around £6.4 million, with total equity totalling close to £3 million.

Foodstore Limited - March 9
Foodstore Limited, an Aberdeen-based supplier of foods to hotel and retail catering outlets trading as King Foods, fell into administration last week, with Geoffrey Jacobs and Alistair McAlinden of Interpath Advisory appointed as joint administrators.

The company was reported to have experienced adverse trading conditions for a number of years, as a result of cost price inflation and increased competition. These headwinds were said to have been exacerbated by challenges facing the wider hospitality and catering industries.

Directors had ceased trading in mid-February prior to the appointment of administrators. Upon the company entering administration, all 41 members of staff were made redundant.

The joint administrators will now market the company’s business and assets for sale, including the firm’s vehicle fleet, its fitted cold storage facility in Aberdeen and other properties.

In accounts for the year to February 28 2025, the company reported turnover of £10.9 million, down from around £12.6 million a year earlier, but cut its operating losses slightly from £195,581 to approximately £149,000.

Teleware Limited - March 9
Teleware Limited, a communication software provider based in Easingwold, fell into administration last week, with John Butler and Andrew Nichols of Redman Nichols Butler appointed as joint administrators.

In accounts for the year to March 31 2025, the company’s fixed assets were valued at £13,629 and current assets at £2.9 million, with net assets totalling approximately £944,000.

Freight Movement Limited - March 9
Freight Movement Limited, a haulage company based in Newport, fell into administration last week, with Huw Powell and Katrina Orum of BTG Begbies Traynor appointed as joint administrators.

In accounts for the year to November 30 2024, the company’s fixed assets were valued at around £2.2 million, with current assets totalling approximately the same. Net liabilities, however, stood at slightly over £28,000.

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