UK administrations update: February 4 – 11

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.

GovData Limited – February 4
GovData Limited, a Liverpool-based specialist in public sector frameworks and contracts, fell into administration in late January, with Andrew Pear and Michael Solomons of Moorfields appointed as joint administrators.

In accounts for the year to October 31 2022, the company’s fixed assets were valued at around £3.8 million, with current assets standing at £1.6 million and net assets amounting to £1.4 million.

Contis Financial Services Limited – February 4
Contis Financial Services Limited, an FCA-regulated electronic money and payments specialist based in Skipton, fell into administration towards the end of January, with Robert Spence and Joshua Dwyer of Interpath appointed as joint administrators.

The administration comes after the September 2024 announcement that the firm’s ultimate parent company, Solaris, would discontinue parts of its Electronic Money Institution (EMI) business, comprising Contis Group Limited and its subsidiaries.

An orderly wind down was scheduled to complete by April 2025. However, an unresolved third-party dispute made this unachievable, resulting in Contis Financial Services Limited being placed into special administration.

The administrators will now seek to secure the release of safeguarded funds and facilitate the distribution to customers, before completing the wind down. All customer accounts have been frozen while the administrators assess the situation.

In accounts for the year to December 31 2023, the company reported revenue of £13.4 million, down from £21.1 million a year earlier, while falling from a post-tax profit of £2.8 million to a loss of £27.3 million.

At the time, its non-current assets were valued at £1.1 million and current assets at £76.2 million. However, significant liabilities meant that the company’s total equity amounted to just over £5.6 million.

Outspoken Logistics Limited – February 5
Outspoken Logistics Limited, an electric cargo bike delivery network trading as Zedify, fell into administration at the end of last month, with William Wright and Stephen Absolom of Interpath appointed as joint administrators.

The company’s collapse comes after it was unable to raise sufficient funding to continue operating, despite growing demand for sustainable delivery services. The joint administrators are seeking a buyer for the business and its assets.

In accounts for the year to April 5 2022, the company’s non-current assets were valued at close to £340,000 and current assets at around £2.6 million, with total equity standing at £1.5 million.

Find out more about the collapse of Zedify

Aeristech Limited – February 7
Aeristech Limited, a Leamington Spa-based manufacturer of high-powered compressors for hydrogen fuel cells, fell into administration at the beginning of February, with Craig Povey and Gareth Prince of Begbies Traynor appointed as joint administrators. The company was behind the government-funded Project HEIDI – which aimed to convert London buses to hydrogen fuel cell power.

In accounts for the year to March 31 2023, the company’s fixed assets were valued at close to £1.3 million and current assets at £4.3 million. However, its net liabilities at the time totalled almost £1.4 million.

Benbow Steels Limited – February 7
Benbow Steels Limited, a West Midlands-based processor and distributor of pre-coated sheet steels, fell into administration in early February, with Mike Dillon and Andrew Knowles of Leonard Curtis appointed as joint administrators.

In accounts for the year to November 30 2023, the company reported turnover of £20.3 million, down from £25 million a year earlier, while its post-tax profits fell from £1.4 million to around £435,000.

At the time, its fixed assets were valued at slightly over £152,000, with current assets amounting to approximately £12.7 million and net assets standing at around £3 million.

Lythe Hill Limited – February 7
Lythe Hill Limited, the trading company behind the Lythe Hill Hotel & Spa in Surrey, fell into administration at the end of January, with Nicola Layland and Carl Faulds of Leonard Curtis appointed as joint administrators.

In accounts for the year to March 31 2023, the company’s fixed assets were valued at £4.2 million and current assets at around £224,000. However, its net liabilities exceeded £6.1 million at the time.

Househam Sprayers Limited – February 10
Househam Sprayers Limited, an agricultural technology company based in Lincolnshire, fell into administration in early February, with Alexander Kinninmonth and James Prior of FRP Advisory appointed as joint administrators.

The company, a specialist in the production and engineering of a range of self-propelled crop spraying machines, was founded in 1970.

In accounts for the year to December 31 2023, its fixed assets were valued at £317,615 and current assets at approximately £5 million. However, its net liabilities at the time stood at £1.3 million.

Origami Energy Limited – February 11
Origami Energy Limited, an independent technology provider for the energy industry, fell into administration at the end of last month, with Geoffrey Rowley and Simon Baggs of FRP Advisory appointed as joint administrators.

In accounts for the year to June 30 2023, the company’s turnover stood at £785,719, down from £1.2 million a year earlier, while its post-tax losses widened from £5.8 million to £7.7 million.

In the report, the directors stated that the year to June 2023 had seen “exceptionally high and volatile energy prices, as well as record levels of deployment of solar, wind and energy storage globally”.

At the time, the company’s fixed assets were valued at £135,771 and current assets at approximately £8.5 million, with total equity amounting to £7.9 million.


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