UK administrations update: March 4 – 11

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.

Cognetivity Limited – March 4
Cognetivity Limited, a biotechnology company developing an AI platform for the early detection of cognitive impairment, dementia and Alzheimer's disease, fell into administration in late February, with Paul Atkinson and Julie Humphrey of FRP Advisory appointed as joint administrators.

In accounts for the year ending January 31 2023, reported a net loss of over £2.8 million, with directors adding that it expected to “incur further losses in the development of its business”. At the time, its fixed assets were valued at around £103,000 and current assets at over £600,000, but it held net liabilities totalling nearly £5 million.

Artis Finance Limited – March 5
Artis Finance Limited, a London-based receivables finance provider, fell into administration last week, with Tom Crookham, James Cameron and Edward Macnamara of PricewaterhouseCoopers appointed as joint administrators.

The company’s subsidiaries, including Artis Loanco 1, reportedly remain operational, but the parent company has collapsed following a turbulent period. In December 2023, the company initiated legal proceedings against metals trader TMT Metals, but the case ultimately stalled.

Companies House filings indicate that the company had outstanding charges linked to commodity trader DL Hudson, while the firm recently told bondholders that misleading amendments were made to a number of key documents, misrepresenting the firm’s performance.

In accounts for the year to December 31 2023, the company reported revenue of $3.9 million and an operating profit of $558,004. At the time, its total assets were valued at $37.8 million and total equity at £35.7 million.

Au Card Limited – March 5
Au Card Limited, the holding company for a group of subsidiaries operating in the financial services industry, fell into administration at the end of February, with Dane O’Hara and Alex Cadwallader of Leonard Curtis appointed as joint administrators.

In accounts for the year to December 31 2021, the latest accounts available at Companies House, the group reported turnover of £11.9 million and post-tax profit of slightly over £2 million. At the time, its fixed assets were valued at around £2.9 million and current assets at £13.1 million, with net assets amounting to £7.3 million.

Energy Compare Limited – March 5
Energy Compare Limited, a Northampton-based call centre operator, fell into administration in late February, with Darren Brookes of Milner Boardman & Partners appointed as administrator.

In accounts for the year to September 30 2023, the company reported turnover of £26.2 million, up from £22.1 million a year earlier, but saw its post-tax profits dip from £841,016 to just under £554,000.

At the time, its total assets were valued at around £5.6 million, with net assets totalling £1.6 million.

Bioself Technology Limited – March 5
Bioself Technology Limited, a medical technology company producing wearable stress management devices, fell into administration last month, with Andrew Pear and Michael Solomons of Moorfields appointed as joint administrators.

In accounts for the year to December 31 2022, the firm’s fixed assets were valued at around £193,000 and current assets at over £1.2 million. However, its total liabilities amounted to almost £3.8 million.

Dunbar Education Recruitment Limited – March 7
Dunbar Education Recruitment Limited, an education recruitment agency based in Milton Keynes, fell into administration last month, with Gareth Howarth of Path Business Recovery appointed as administrator.

In accounts for the year to September 30 2023, the company’s fixed assets were valued at around £332,000 and current assets at approximately £2.8 million, with net assets amounting to nearly £845,000.

Feversham Arms Limited – March 7
Feversham Arms Limited, the operating company behind the Feversham Arms Hotel in Helmsley, North Yorkshire, fell into administration last week, with Oliver Collinge and James Sleight of PKF Littlejohn Advisory appointed as joint administrators.

The hotel will continue trading while the joint administrators seek a buyer for the business, with Oliver Collinge saying that they “anticipate especially strong interest” and are “very confident of finding a buyer and securing the long-term future of the hotel and its team."

In accounts for the year to March 30 2023, the company’s fixed assets were valued at £4.3 million and current assets at around £177,000. However, the business’ net liabilities at the time exceeded £4.2 million.

Find out more about the Feversham Arms' administration

Hemmels Limited – March 11
Hemmels Limited, a Mercedes-Benz restoration specialist based in Huddersfield, fell into administration last week, appointing Andrew Knowles and Andrew Poxon of Leonard Curtis as joint administrators.

In accounts for the year ending September 30 2023, the company’s fixed assets were valued at £1.4 million and current assets at £2.3 million, with net assets standing at slightly over £701,000.

Levenseat Limited – March 11
Levenseat Limited, a Lanark-based group of waste management companies, fell into administration earlier this month, with James Stephen and Mark Thornton of BDO appointed as joint administrators.

In accounts for the year to December 31 2022, the group reported turnover of £33.4 million, up from around £28 million a year earlier, but fell from a post-tax profit of £1.6 million to a loss of £1.3 million.

At the time, the group’s fixed assets were valued at £23.3 million and current assets at approximately £8.1 million, with net assets amounting to £7.5 million.


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