UK administrations update: July 10 – 15

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.

Cauta Capital Limited – July 10
Cauta Capital Limited, a Reading-based finance company investing in asset-backed property developments, secured joint ventures and private equity projects, fell into administration last week, appointing Adam Price and Lane Bednash of CMB Partners UK as joint administrators.

In the company’s accounts for the year ending January 31 2023, its current assets were valued at £20.8 million and net assets at £7.97 million.

Norwich Footwear Limited – July 10
Norwich Footwear Limited, which trades as Van Dal Shoes, is a Norwich-based wholesaler of footwear, primarily under the Van Dal brand. The company fell into administration during the first week of July, with Andrew Knowles and Andrew Poxon of Leonard Curtis appointed as joint administrators.

In the company’s accounts for the year to January 31 2023, its assets were valued at around £1.8 million, with total equity amounting to £206,268.

TheLoyaltyCo.App Limited – July 10
TheLoyaltyCo.App Limited, a Manchester-based digital marketing agency focused on the hospitality sector, fell into administration earlier this month, with Mike Dillon and Andrew Knowles of Leonard Curtis appointed as joint administrators.

In the company’s balance sheet as of July 31 2023, its fixed assets were valued at £32,443 and current assets at £1.25 million. At the time, its total net assets less liabilities amounted to just under £923,000.

Dragonfly Biosciences Limited – July 11
Dragonfly Biosciences Limited, which trades under the Dragonfly and Dragonfly CBD brands, is a manufacturer, distributor and retailer of CBD products, focusing on the UK and Europe markets.

The company fell into administration in early July, having been subject to several winding up petitions over recent months, with Dane O’Hara and Neil Bennett of Leonard Curtis appointed as joint administrators.

In the 18 months ending June 30 2022, the company reported turnover of £2.4 million, up more than 115 per cent compared to £778,964 in the year ending December 31 2020. In the directors’ report, this was attributed to a “resurgence in demand for health and wellness products following the COVID pandemic”, particularly the “increased demand in white label and wholesale products.”

However, the group also had significant liabilities and reported a post-tax loss of close to £3.7 million. At the time it said that there was “an expectation that the ability of the Group to continue as a going concern is dependent on the completion of a successful IPO raise by its Australian parent company on ASX in early 2023.”

The company subsequently failed in this attempt, with the ASX rejecting the firm’s public listing in December 2023, in a decision thought to have been influenced by the poor performance of the public cannabis sector. This resulted in the company returning more than A$3 million raised in the IPO to investors.

Find out more about M&A in the UK’s CBD and cannabis industry

Nutshell Software Limited – July 11
Nutshell Software Limited, an app development company specialising in digital transformation for the UK rail and construction sectors, fell into administration earlier this month, with Steven Ross and Allan Kelly of FRP Advisory appointed as joint administrators.

In the company’s balance sheet as of September 30 2023, its assets were valued at slightly under £700,000, with total equity standing at £224,039.

Bladon Jets (UK) Limited – July 11
Bladon Jets (UK) Limited, a Warwickshire-based manufacturer of micro gas turbines and component technologies and applications, fell into administration last week, appointing Matthew Ingram and Mark Blackman of Kroll Advisory as joint administrators.

In the company’s accounts for the year to December 31 2022, it reported revenue of £289,456, up from £38,274 a year earlier, but saw its losses increase considerably from £15.6 million to £22.4 million.

At the time, its non-current assets were valued at close to £11.9 million and current assets at £16.4 million, but net liabilities totalled just over £96 million.

Find out more about M&A trends in the UK manufacturing sector

FTS Merit Limited – July 11
FTS Merit Limited, a commercial electrician based in Blackpool, fell into administration earlier this month, appointing Rebecca Dacre and Adam Harris of Forvis Mazars as joint administrators.

In the company’s accounts for the year to June 30 2023, its fixed assets were valued at £248,375 and current assets at £6.2 million, with net assets amounting to £739,297.

Connaught Security Limited – July 11
Connaught Security Limited, a Bolton-based fencing and security specialist and sister company of fellow RAMM Holdings subsidiary FTS Merit Limited, fell into administration earlier this month, with Rebecca Dacre and Adam Harris of Forvis Mazars appointed as joint administrators.

In the year to June 30 2023, it reported turnover of £5.2 million from continuing operations, down from £12.4 million the previous year. However, operating profit increased from £175,226 to £376,586.

At the time, its fixed assets were valued at £2.6 million and current assets at £6.9 million, with total equity amounting to £1.27 million.

Broad Lane Leisure Limited – July 12
Broad Lane Leisure Limited, a Warwickshire-based dealer of leisure vehicles including caravans, campervans and motorhomes, fell into administration last week, with Ben Jones and Raj Mittal of FRP Advisory appointed as joint administrators.

The company’s collapse was attributed primarily to a drop in demand that led to cashflow difficulties that severely impacted its ability to trade. In accounts for the year to January 31 2023, the company stated that a post-COVID bounce in demand had begun to slow and that stock levels were rising, leaving it with an excess of stock that would likely have to be offered at sale price, potentially impacting its margins.

At the time, the company reported turnover of £23.8 million, up from £21.5 million a year earlier, while operating profit increased to £1.15 million from £1.06 million the previous year.

Following the appointment of administrators, the business ceased trading, with the joint administrators now seeking to sell the firm’s assets. In its most recent accounts, the company’s fixed assets were valued at £3.1 million and current assets at £11.1 million, with net assets standing at £1.3 million.

Read more about Broad Lane Leisure’s collapse

Umbrella Contracts Limited – July 12
Umbrella Contracts Limited, an umbrella payroll services firm for contractors and agency workers, fell into administration at the beginning of July, appointing Kenneth Craig of Begbies Traynor as administrator.

The company’s most recent accounts at Companies House cover the year ending March 31 2021, during which period it reported turnover of £35.6 million, down from £57.1 million a year earlier.

At the time, the company cited the impact of COVID-19, Brexit and uncertainty regarding the then-incoming IR35 legislation in the private sector as contributing to the drop in turnover.

However, it did manage to move from a post-tax loss of nearly £266,000 in 2020 to a profit of £507,438. At the time, its current assets were valued at close to £6.9 million, with net assets amounting to £2.47 million.

Alpin PMK Limited – July 12
Alpin PMK Limited, which trades as the L ‘Osteria chain of Italian restaurants, fell into administration last month, with Edwin Kirker of Kirker & Co appointed as administrator. The company had faced a number of winding-up petitions over recent years.

In accounts for the year to December 31 2021, the company’s fixed assets were valued at £1.87 million and current assets at £1.5 million. However, considerable liabilities left it with net assets totalling just £159,101.

Building Repair Solutions Limited – July 15
Building Repair Solutions Limited, a Maldon-headquartered provider of specialist and professional services to the insurance and maintenance sectors, fell into administration earlier this month, appointing James Hawksworth and Deviesh Raikundalia of RSM UK Restructuring as joint administrators.

In the company’s accounts for the year to March 31 2023, its assets were valued at around £3.4 million, with total equity standing at £391,758.

Knoma Limited – July 15
Knoma Limited, a London-based company that provides finance for people seeking to upskill digitally, fell into administration last week, appointing Adam Stephens and Martyn Ewing of Evelyn Partners as joint administrators.

In its accounts for the year to October 31 2022, its assets were valued at around £4.79 million, with net assets standing at £1.49 million.

Collectif.Co.Uk.Limited - July 15
Collectif.Co.Uk.Limited, a wholesaler of vintage clothing based in London, fell into administration last week, with Kirren Keegan and Tommaso Ahmad of Bailey Ahmad appointed as joint administrators.

In the year to October 31 2022, the company reported turnover of £8.9 million, down from £10.28 million a year earlier, while its pre-tax losses increased from around £527,000 to just over £726,000.

At the time, its fixed assets were valued at £104,230 and current assets at £5.28 million, with net assets amounting to £2.8 million.


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