UK administrations update: December 24 – 30
Tue, 31 Dec 2024 | ADMINISTRATION
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.
Huboo Technologies Limited – December 24
Huboo Technologies Limited, an ecommerce fulfilment provider based in Bristol, fell into administration last week, with Christopher Pole and Ryan Grant of Interpath Advisory appointed as joint administrators.
The group’s most recent accounts were for the year to September 30 2022, during which period it increased its revenues by 40 per cent from around £13.8 million to £17.7 million. However, its post-tax losses soared from approximately £13.4 million to £47.1 million.
At the time, its fixed assets were valued at £7.8 million and current assets at £36.3 million, with net assets amounting to £13.7 million.
Sto Limited – December 24
Sto Limited, a provider of thermal insulation and facade finishes, fell into administration earlier this month, with Stuart Preston and Julie Tait of Grant Thornton appointed as joint administrators.
In the year to December 31 2023, the company reported turnover of £15.8 million, up from £13.2 million a year earlier, but saw its post-tax profits fall from £818,548 to £494,471 – with directors saying that anticipated falls in construction products and raw materials costs had not been realised during the year.
At the time, its fixed assets were valued at £1.2 million and current assets at £6.2 million, with net assets amounting to £3.5 million.
Yeoh Saxton-Pizzie Limited – December 27
Yeoh Saxton-Pizzie Limited, a food wholesaler trading as Wholegood, fell into administration earlier in December, with Guy Hollander and Patrick Lannagan of Forvis Mazars appointed as joint administrators.
In accounts for the year to March 31 2023, the company reported turnover of £35.5 million, up from £29.8 million a year earlier, while cutting its post-tax losses from £1.8 million to £1.2 million. At the time, its fixed assets were valued at £2.1 million and current assets at £6.7 million, but net liabilities amounted to nearly £2.7 million.
Earlier this year, the company parted ways with CEO Martin Sandler, with founder Carl Saxton-Pizzie retaking the role as part of turnaround plan aimed at reducing the company’s operational footprint and improving its cashflow position.
GB Eye Limited – December 27
GB Eye Limited, a poster manufacturer based in Barnsley, fell into administration last week, appointing Robert Dymond, Kris Wigfield and Phil Stone of Begbies Traynor as joint administrators.
In accounts for the year to December 31 2023, the company reported turnover of around £9.4 million, up slightly from £9.2 million a year earlier, but saw its post-tax losses widen from £2.1 million to £3.6 million.
The company’s directors stated that the year had “presented significant difficulties in reaching the goals set out in the strategic plan”, citing increasing product costs and rising overheads following an expansion in infrastructure.
At the time, its fixed assets were valued at slightly over £880,000 and current assets at around £7 million. However, its net liabilities at the time exceeded £3.6 million.
Evans Textile (Sales) Limited – December 30
Evans Textile (Sales) Limited, a Manchester-based manufacturer of soft furnishings and window hardware trading under the Evans Textiles, Bridstock Gate Limited and William Clark & Sons Limited brands, fell into administration last week, with Kerry Bailey and Mark Thornton of BDO appointed as joint administrators.
In accounts for the year to April 30 2023, the group reported turnover of £18.2 million, down slightly from £18.7 million a year earlier, while falling from a post-tax profit of around £476,000 to a loss of nearly £1.8 million.
The group’s directors stated that the business had been impacted by continuing inflationary pressures and economic uncertainty.
At the time, its non-current assets were valued at £1.5 million and current assets at £7.1 million, with net assets amounting to approximately £694,000.
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