Whitecroft Essentials Limited (00150911): administration
- Status
- Administration ended
- Administration began
- 2014-02-19
- Administrators' firm
- KPMG
- Formerly
- Prym Whitecroft UK Limited; Whitecroft Lydney Limited; Whitecroft-Scovill Limited
- Incorporated
- 1918-07-06
- Location
- Birmingham
- Industry
- 25990 Manufacture of other fabricated metal products n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- Creditor pressure / legal action
- Pension deficit
From the administrators' statement
As detailed in the initial Memorandum to creditors, since 2009, the Company made modest annual losses, on turnover of approximately £3 million These losses had recently led to some creditor pressure, with debts accruing to HMRC and certain key suppliers
The Company also had a significant deficit to a defined benefit Pension Scheme, understood to be in excess of £3 million at the time of our appomtment The Pension Scheme Trustees, Atkin Trustees Limited, hold a first ranking fixed charge over the Company’s property
The Company had initially engaged Messrs Hazelwoods to review potential restructuring options during late 2013 as a consequence of the trading difficulties Discussions ensued with the Pension Protection Fund (‘PPF’) in light of the pension scheme deficit and options including a Company Voluntary Arrangement were considered
Administrators' statement of proposals (2014-03-26) · Companies House register