UK administrations update: May 21 – 27

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.

WMS Entrance Systems Limited – May 21
WMS Entrance Systems Limited, a West Yorkshire-based industrial door and loading bay supply, maintenance and repair specialist, fell into administration earlier this month, with Philip Booth of Booth & Co appointed as joint administrators.

In accounts for the year to April 5 2023, the company’s fixed assets were valued at around £552,000 and current assets at £1.5 million, with net assets valued at approximately £291,000.

Payme Group Limited – May 21
Payme Group Limited, an Essex-based payroll services firm, fell into administration earlier in May, with Dominik Thiel-Czerwinke and Wayne MacPherson of Begbies Traynor appointed as joint administrators.

In accounts for the year to March 31 2023, the company reported an operating loss of £25.3 million. Directors said the company had seen slowing sales growth during the second half of the year and that, despite continuing to win business, existing customer numbers declined.

At the time, its fixed assets were valued at around £1.6 million and current assets at £2.4 million, with net liabilities totalling approximately £350,000.

Corbyn Construction Limited – May 21
Corbyn Construction Limited, a London-based groundworks and concrete frame specialist, fell into administration earlier this month, with David Hudson and Philip Armstrong of FRP Advisory appointed as joint administrators.

The company’s troubles were first made public in November 2024, when it filed the first in a series of notices of intention to appoint administrators. Several County Court Judgements have since been filed against the firm, which ceased trading upon the appointment of administrators.

In a statement, FRP said: “The appointment follows more than six months of work alongside the Company to explore a solvent solution. Unfortunately, sustained market challenges and the impact of increasingly complex regulatory requirements have ultimately meant that a route forward was not possible.”

“The Company has now ceased trading, and all staff have been made redundant. Creditors are being contacted directly and will receive the administrators’ proposals within the next eight weeks.”

In accounts for the year to June 30 2023, the company reported turnover of £32.8 million, down from around £46.1 million a year earlier, but rebounded from a post-tax loss of nearly £5.2 million in 2022 to a profit of around £435,000.

At the time, its fixed assets were valued at £4.1 million and current assets at £10.9 million, while net assets totalled £5.1 million.

Corre Energy Limited – May 22
Corre Energy Limited, a long duration energy storage company based in London, fell into administration last week, with Julian Pitts and Louise Longley of Begbies Traynor appointed as joint administrators.

In accounts for the year to December 31 2023, the company reported turnover of £4.7 million, down slightly from £4.9 million a year earlier, and rebounded from a loss of around £155,000 in 2022 to a post-tax profit of close to £480,000.

At the time, its fixed assets were valued at around £71,000 and current assets at close to £658,000, with net assets standing at approximately £525,000.

Skybridge UK Limited – May 22
Skybridge UK Limited, a Feltham-based manufacturer of electric aircraft, fell into administration last week, appointing Kevin Murphy and Irvin Cohen of Begbies Traynor as joint administrators.

In accounts for the year to December 31 2023, the company reported a post-tax loss of around £7.8 million, roughly level with the losses posted a year earlier. At the time, its non-current assets were valued at approximately £870,000 and current assets at £4.6 million. Net liabilities, however, totalled slightly over £493,000.

Lip Sync Post Limited – May 22
Lip Sync Post Limited, a London-based post-production house and film equity investor, fell into administration in mid-May, with Nick Parsk and Carrie James of Oury Clark appointed as joint administrators.

Despite falling into administration, the company said in a statement that it expects a sale of the business and assets to be finalised shortly, with the company continuing to trade as usual while under the control of the joint administrators.

In accounts for the year to July 2023, the company reported revenues of £36 million, up by 44 per cent from £24.5 million the previous year, and pre-tax profits of £1.4 million. Its fixed assets were valued at around £668,000 and current assets at £19 million, with net assets standing at close to £5 million.

Find out more about Lip Sync’s administration

Bboxx Limited – May 22
Bboxx Limited, a London-headquartered utility company focusing on deploying products in Africa, fell into administration last week, with Paul Williams and Stephen Goderski of PKF Littlejohn appointed as joint administrators.

In accounts for the year to December 31 2022, the company reported revenue of around £31.9 million, up from £21.3 million a year earlier, but saw its post-tax losses soar from £4 million to £28.6 million.

At the time, its non-current assets were valued at around £73 million and current assets at £42 million, with total equity amounting to £58.7 million.

Furniture Trends Limited – May 23
Furniture Trends Limited, a Northern Ireland-based furniture retailer trading as Houseproud, fell into administration last week, with Stephen Cave and Gareth Latimer of Grant Thornton appointed as joint administrators.

In accounts for the year to March 31 2024, the company’s fixed assets were valued at around £617,000 and current assets at £3.8 million, with total equity standing at slightly over £681,000.

Jans Group – May 23
Jans Group, an Antrim-based manufacturing group, fell into administration last week. Ian Davison and Scott Murray of Keenan Corporate Finance, were appointed as joint administrators of Jans Composites Limited, Jans Offsite Solutions Limited and electric truck subsidiary Etrux Limited.

According to reports, at least 100 staff are believed to have been made redundant following the collapse of the group. Workers were reportedly told that the company had insufficient orders and cashflow to sustain the business.

In accounts for the year to December 31 2023, parent company Jans Holding Limited reported turnover of £20.5 million, up from £13.4 million a year earlier, but saw its losses increase from £2.8 million to nearly £5 million.
At the time, non-current assets were valued at £14.9 million and current assets at £18.1 million. Net liabilities, however, amounted to nearly £3.9 million.

80six Limited – May 27
80six Limited, a Slough-based video technology company, fell into administration last week, with Paul Palmer and Christopher Purkiss of Marshall Peters appointed as joint administrators.

In accounts for the year to March 31 2024, the company’s fixed assets were valued at approximately £4 million and current assets at slightly over £895,000, with net assets amounting to just over £371,000.


Click here to download our free guide on finding and buying distressed businesses and assets

Share this article

Latest Businesses for Sale

View more businesses for sale