UK administrations update: October 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.

Chertsey Hillswood Drive Centre Limited - October 21
Chertsey Hillswood Drive Centre Limited, a provider of serviced offices based in Chertsey, fell into administration earlier this month, with Jessica Leeming and Steven Williams of FRP Advisory appointed as joint administrators.

In accounts for the year to December 31 2023, the company reported turnover of £784,000, down from £940,000 a year earlier, and saw its operating losses widen from £355,000 to nearly £2.1 million.

At the time, its assets were valued at around £3.3 million, but net liabilities exceeded £3.7 million.

Hardy Building Services Limited - October 22
Hardy Building Services Limited, a Retford-based provider of project management and maintenance services for commercial and residential buildings, fell into administration earlier this month, with Nick Myers and Steven Muncaster of Leonard Curtis appointed as joint administrators.

In accounts for the year to March 31 2024, the company’s current assets were valued at slightly over £1.1 million, but net liabilities amounted to £123,473.

UK FM Services Limited - October 22
UK FM Services Limited, a facilities management provider based in Brentwood, fell into administration earlier this month, with Andrew Pear and Michael Solomons of Moorfields appointed as joint administrators.

In accounts for the year to August 31 2023, the company’s assets were valued at slightly over £2 million, with net assets standing at £170,411.

Fast Finance Limited - October 23
Fast Finance Limited, a Cambridgeshire-based business finance provider trading as Cubefunder, fell into administration last week, with Ben Woodthorpe of S&W Partners and Geoffrey Bouchier of Kroll Advisory appointed as joint administrators.

In accounts for the year to March 31 2024, the company’s current assets were valued at £3.6 million, but total net liabilities exceeded £633,000.

Play Virtuoso Group Limited - October 24
Play Virtuoso Group Limited, a Knutsford-based provider of online music education courses, fell into administration last week, with Darren Brookes of Milner Boardman & Partners appointed as administrator.

In accounts for the year to December 31 2023, the company’s fixed assets were valued at around £1.2 million and current assets at £58,000. Total net assets at the time stood at approximately £997,000.

Digital Barriers Services Limited - October 24
Digital Barriers Services Limited, a Glasgow-based video technology provider, fell into administration last week, with Joanna Bull and Michael Magnay of Alvarez & Marsal appointed as joint administrators.

In accounts for the year to March 31 2024, the company reported revenue of £7 million, up from around £3.8 million a year earlier, while trimming its operating losses from £11.6 million to £9.6 million.

At the time, its non-current assets were valued at £16.3 million and current assets at £4.2 million, with total equity standing at £20.5 million.

Axminster Tool Centre Limited - October 27
Axminster Tool Centre Limited, a tool wholesaler based in Axminster, fell into administration last week, with Richard Lewis and Alistair Wardell of Grant Thornton appointed as joint administrators.

In accounts for the year to April 30 2024, the company reported turnover of £39.1 million, down from £44.2 million a year earlier, while pre-tax losses widened from £2 million to £2.2 million.

In the accounts, directors cited an ongoing change in consumer spending habits post-COVID, supply chain issues and restructuring costs as contributing factors in the company’s deteriorating performance.

At the time, its fixed assets were valued at £3.2 million and current assets at £12.9 million, while net assets amounted to £3.4 million.

Venator Materials UK Limited - October 27
Venator Materials UK Limited, a chemicals company with three sites in the North East of England, fell into administration last week, with Mark Firmin, Jonny Marston and Helen Skeates of Alvarez & Marsal appointed joint administrators.

Part of the global Venator group, the company’s collapse follows the earlier administration of Venator Materials plc and two non-trading holding companies within the group. The administration came following a period of sustained financial pressures and adverse market conditions.

An asset purchase agreement was reported to have been signed prior to the appointment of the joint administrators, with the company’s titanium dioxide (TiO2) pigment plant in Greatham being maintained in an idle state pending the completion of the sale.

In accounts for the year to December 31 2023, the company reported turnover of £291.3 million, down from approximately £372 million a year earlier, while falling from an operating profit of around £10 million to a loss of roughly £39 million.

At the time, its fixed assets were valued at £112.9 million and current assets at £126.3 million, with total net assets amounting to £156.8 million.

Find out more about the collapse of Venator Materials UK Limited

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