Tue, 16 Jan 2024 | ADMINISTRATION
Since our last update, the following businesses have been confirmed as having fallen into administration. All dates indicate when the administration was posted by the Gazette and not necessarily the dates on which administrators were appointed.
Fosters Rooms Limited – January 11
Fosters Rooms Limited, an event catering business based in Bristol, fell into administration on January 5, with James Hawksworth and Terence Jackson of RSM Restructuring Advisory appointed as joint administrators.
In the company’s accounts for the year to June 30 2022, its fixed assets were valued at slightly under £960,000 and current assets at just over £700,000. However, the company’s significant debts at the time left it with net liabilities of close to £840,000.
The Gentlemen Baristas Limited - January 11
The Gentlemen Baristas Limited, a coffee roaster and cafe operator, fell into administration on January 5, with the appointment of Farheen Qureshi of Parker Getty as administrator. The company was founded in 2014 and, following significant growth, has expanded to 11 locations by 2022, across a mix of brick-and-mortar sites and outlets in office properties.
However, since then, the group has downsized significantly and now comprises just four coffee houses, including its flagship location in Piccadilly, as well as its roastery in Maryland Stratford. In its accounts for the year ending December 31 2021, its fixed assets were valued at slightly over £1 million and current assets at around £472,000. However, at the time, its total liabilities stood at just under £34,000.
Trusko Limited – January 11
Trusko Limited is a Chelmsford-based construction firm that worked on the development of building projects involving commercial buildings. David Kemp and Richard Hunt were appointed as joint administrators on January 8.
In the company’s accounts covering the period from November 1 2021 to March 31 2023, its total assets were valued at more than £1.3 million. However, at the time, the company’s debts left it with net liabilities of close to £800,000.
Kenham Building Limited – January 11
Kenham Building Limited, a London-based construction business focusing on the construction of domestic buildings, fell into administration on January 9, with Chris Farrington and Cameron Gunn of ReSolve Advisory appointed as joint administrators.
In the company’s accounts for the year ending December 31 2022, its total assets were valued at more than £3.1 million, with debts meaning that its total equity amounted to slightly over £1.1 million.
Find out more about how insolvencies are rising in industries such as construction, creating opportunities for distressed acquisitions.
Colus Limited – January 15
Colus Limited, a drainage and sewer specialist based in Enderby, fell into administration on January 8, with Joph Young and Conrad Beighton of Leonard Curtis appointed as joint administrators. The company, whose customers include Anglian Water, Severn Trent Water and Balfour Beatty, had filed a notice of intention to appoint administrators in December 2023.
In its accounts covering the period from January 31 2022 to August 31 2022, Colus’ fixed assets were valued at £2.2 million and current assets at slightly over £2 million. However, the company owed significant amounts to creditors at the time, with its net liabilities amounting to more than £1.3 million.
ML2024 Limited – January 15
ML2024 Limited, formerly Milspeed Limited, an extrusion coating and plastic waste reprocessing specialist with location in Banbury and Bourton on the Water, fell into administration on January 11, with Ross Connock and Edward Williams of PwC appointed as joint administrators.
In the company’s most recent accounts at Companies House, for the year ending December 31 2021, its turnover stood at close to £8.9 million, up from £7.8 million a year earlier, while its operating profit was close to £370,000, compared to a £277,760 operating loss in 2020. At the time, the company’s net assets were valued at £2.6 million.
Orange Mountain Bikes Limited – January 15
Orange Mountain Bikes Limited, a Halifax-based manufacturer of high-performance mountain bikes, fell into administration on January 10, with Mark Thornton and Kerry Bailey of BDO appointed as joint administrators.
In its accounts covering the year to October 31 2022, the company’s fixed assets were valued at £372,394 and current assets at close to £6.5 million, with net assets amounting to just shy of £2 million.
Stewart Milne Group Limited – January 16
Stewart Milne Group Limited, the Aberdeen-headquartered housebuilding giant, fell into administration on January 8, with Adele MacLeod, Gavin George Scott Park and Matthew David Smith of Teneo Financial Advisory appointed as joint administrators.
Administrators from Teneo have also been appointed at several of the group’s subsidiaries: Stewart Milne Homes (Auchterarder) Limited; Stewart Milne Homes (Kirkton) Limited; Stewart Milne Homes Central Scotland Limited; Stewart Milne Homes Central Scotland (Developments) Limited; Stewart Milne Homes (Arbroath) Limited; and Stewart Milne Homes North West England Limited.
The group fell into administration after efforts to secure a sale failed, despite offers having been received. All businesses under the control of the administrators immediately ceased trading, with all construction activity stopped. The joint administrators will now focus on realising the group’s assets and undertaking an orderly wind-down of the business.
Joint administrator Adele MacLeod : "The downturn in the UK housing market combined with an extensive sales process not resulting in any viable offers has ultimately led to the need for the directors to place Stewart Milne Group Ltd and some of its subsidiaries into administration, regretfully with some immediate redundancies.”
"We continue to assess all the options in respect of the group's Scottish development sites and encourage any party with an interest to get in touch."
Find out more about the group’s collapse here
Caplor Energy Limited – January 16
Caplor Energy Limited, a supplier of renewable energy which claims to be the biggest in the UK, fell into administration on January 11, with Mark Malone and Gareth Prince of Begbies Traynor appointed as joint administrators.
In its accounts for the year to March 31 2022, its fixed assets were valued at over £410,000 and current assets at over £2.3 million, with net assets standing at just under £991,000.
TXM Plant Limited – January 16
TXM Plant Limited, a Wigan-based supplier of road rail vehicles for UK rail contractors engaged in infrastructure work, fell into administration on January 10, with Clare Boardman and Kristian Shuttleworth of Teneo appointed as joint administrators. The joint administrators have also been appointed to other companies within the group: Equipment and Track Solutions Limited and Bacchus Newco Limited.
The group, which has seven depots across England, reported turnover of £38.9 million in the year ending April 29 2022, but fell to a pre-tax loss of £2.1 million. The company had been hit by high inflation and interest rates and had explored a sale process, but ultimately fell into administration.
The administrators are exploring the options available to the business, including a potential sale or orderly wind-down of operations.
This is an opportunity to acquire an award-winning UK spirits business based in central Scotland. Offers are now invited. The closing date for offers has been set as 23 February at 12pm GMT.
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