UK administrations update: October 28 - November 3

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.

Chafer Machinery Limited - October 28
Chafer Machinery Limited, a Lincolnshire-based agricultural machinery manufacturer, fell into administration last month, with Ryan Holdsworth and Danielle Shore of Leonard Curtis appointed as joint administrators.

The company, which trades under the Chafer and Horstine brands, was founded in 1901 and produces high-performance self-propelled and trailed crop sprayers, precision applications, fertiliser and granular chemical application systems. However, the company was hit by challenging market conditions that have impacted much of the agricultural sector.

The joint administrators are seeking buyers for the business and assets, including brand names and intellectual property, with BPI Asset Advisory appointed to manage the sale of the business and assets.

The business does not report profit and loss figures in its financial accounts, but was reported to have generated a pre-tax profit in 2024, following financial losses incurred in 2022 and 2023. In the year to September 30 2024, its fixed assets were valued at approximately £243,000 and current assets at £3.9 million, while net assets amounted to slightly over £1.6 million.

Find out more about Chafer’s collapse

Sheffield Wednesday Football Club Limited - October 28
Sheffield Wednesday Football Club Limited, the operating company behind Sheffield Wednesday FC, fell into administration last month, with Kris Wigfield, Julian Pitts and Paul Stanley of Begbies Traynor appointed as joint administrators.

The club, which had been operating at a loss for years, fell into administration amid rising pressure from creditors after efforts to secure a sale failed. The joint administrators say they are now seeking a new owner for the club “as swiftly as possible.”

In accounts for the year to July 31 2024, the club’s turnover stood at £26.3 million, up from £19.3 million a year earlier, but operating losses widened from around £6.5 million to £9.2 million. At the time, its fixed assets were valued at £3.1 million and current assets at £4.1 million, but net liabilities exceeded £81.9 million.

Agilitas IT Solutions Limited - October 29
Agilitas IT Solutions Limited, an IT company based in Nottingham, fell into administration last month, with Michael Magnay and Robert Croxen of Alvarez & Marsal appointed as joint administrators.

The private equity-backed firm fell into administration after being hit by increasing interest rates and inflationary pressures, as well as suffering the loss of a major customer. Following the appointment of the joint administrators, the company’s IT maintenance customer base was acquired by Cameo Services, with a buyer being sought for remaining stock and assets.

In the year to March 31 2024, the company reported turnover of £13 million, down from £17.7 million the previous year, while EBITDA fell from £5.9 million to £102,000 and operating losses widened from £1.5 million to £8.8 million.

At the time, its fixed assets were valued at £6.7 million and current assets at around £7.2 million, with net assets amounting to just £84,000.

Read more about Agilitas IT Solutions’ administration

Peak Analysis and Automation Limited - October 29
Peak Analysis and Automation Limited, a Farnborough-based supplier of lab equipment, fell into administration last month, appointing Nicholas Cusack and Paul Bailey of Bailey Ahmad as joint administrators.

In accounts for the year to September 30 2023, the company’s fixed assets were valued at around £532,000 and current assets at around £4.6 million, with net assets amounting to £2.6 million.

Spectrum Tiles Limited - October 30
Spectrum Tiles Limited, a tile supplier based in Chorley, fell into administration last week, with Christopher Ratten and Matthew Haw of RSM UK Restructuring Advisory appointed as joint administrators.

In accounts for the year to February 28 2024, the company’s assets were valued at around £2.3 million, with net assets standing at approximately £963,000.

Euxton Tile Supplies Limited - October 30
Euxton Tile Supplies Limited, a tile wholesaler based at the same premises in Chorley, fell into administration on the same date and with Christopher Ratten and Matthew Haw also appointed as joint administrators.

In accounts for the year to February 28 2024, the company’s fixed assets were valued at slightly over £87,000 and current assets at £10.1 million, with net assets standing at £6.4 million.

Morelock Signs Limited - October 30
Morelock Signs Limited, a West Midlands-based manufacturer of road signage products, fell into administration last week, with Rajnesh Mittal and Arvindar Singh of FRP Advisory appointed as joint administrators.

Despite trading profitably, joint administrators said the firm had been affected by sustained financial pressures and adverse market conditions. The company ceased trading upon the appointment of the joint administrators, who are now exploring interest in the business and assets.

In the year to November 30 2023, the company generated turnover of £10.2 million, down from £10.5 million a year earlier, while operating profits dropped from £280,519 to around £236,000. At the time, its fixed assets were valued at £1.9 million and current assets at £4.4 million, with net assets standing at £727,000.

Read more about Morelock Signs’ administration

Action 365 Limited - October 30
Action 365 Limited, an insurance company based in Cheadle, fell into administration last week, with Andrew Poxon and Hilary Pascoe of Leonard Curtis appointed as joint administrators.

In accounts for the year to December 31 2023, the company reported turnover of £12.7 million, up from around £12 million a year earlier, but saw operating profits fall from approximately £3 million to £1.7 million.

At the time, its non-current assets were valued at around £904,000, with current assets standing at roughly £16.6 million and total equity at £8.7 million.

Boutique Modern Limited - October 31
Boutique Modern Limited, a modular home manufacturer based in Sussex, fell into administration last week, with Philip Harris and Neville Side of FRP Advisory appointed as joint administrators.

In accounts for the year to June 30 2024, the company’s fixed assets were valued at approximately £80,000 and current assets at slightly over £2 million. However, significant debts meant that the company’s net liabilities ultimately totalled slightly more than £11,000.

The collapse comes after Boutique Modern filed a notice of intention to appoint administrators last month.

Shepperton Group Limited - October 31
Shepperton Group Limited, a housing developer based in Chippenham, fell into administration last month, with John Hedger and Anthony Murphy of Harrisons Business Recovery & Insolvency appointed as joint administrators.

In accounts for the year to September 30 2023, the company’s fixed assets were valued at around £578,000 and current assets at £2.4 million, with net assets amounting to approximately £2.8 million.

Assembly Studios Limited - November 3
Assembly Studios Limited, an architectural design agency based in London, fell into administration last month, with Nicholas Simmons and Chris Newell of Quantuma Advisory appointed as joint administrators.

In accounts for the year to October 31 2023, the company’s fixed assets were valued at £330,580 and current assets at around £1 million, with net assets amounting to approximately £268,000.

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