Assets up for sale as surveillance tech manufacturer enters administration
Wed, 07 Dec 2022 | ADMINISTRATION
Surveillance technology manufacturers Seven Technologies Group Ltd has fallen into administration, with the company’s assets set to be put up for sale. The company’s collapse was attributed to the impact of COVID-19, as well as wider macroeconomic headwinds and uncertainty.
The company is headquartered and houses its operations in Leeds and also has a manufacturing facility in Lisburn, Northern Ireland. It operates in the defence sector, with its principal activity being manufacturing surveillance technology and other products for customers in government, military and law enforcement.
The firm has appointed Andrew Dolliver, Jo Robinson and John Sumpton of EY’s Restructuring division as joint administrators. The administrators have been tasked with finding a buyer for the group’s assets, as well as providing support and assistance for employees, after the majority of the workforce was made redundant as a result of the administration.
Joint administrator Andrew Dolliver said: "The pandemic coupled with broader macroeconomic headwinds and market uncertainty has resulted in Seven Technologies being unable to continue to trade.”
"We are seeking the sale of key assets of the company which includes intellectual property. Whilst carrying out our duty as administrators to maximise recoveries through this process, we are prioritising support and assistance to those impacted by redundancy."
In its accounts for the year ending September 30 2020, Seven Technologies Group reported turnover of £8.5 million, down from £11.2 million a year earlier. The company’s gross profit also fell from £4.89 million in 2019 to £1.3 million in 2020, while it went from a £1.47 million post-tax profit to a post-tax loss of £1.1 million.
At that time, the company’s fixed assets were valued at £8.4 million and current assets at £4.18 million. The group’s creditors were owed £13.3 million, resulting in net liabilities of £840,579.
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