Tricorn UK Limited (00370553): administration
- Status
- Administration ended
- Administration began
- 2021-09-27
- Administrators
- Mark Granville Firmin, Michael Thomas Denny
- Administrators' firm
- Alvarez & Marsal
- Formerly
- Malvern Tubular Components Limited; Malvern Aircraft Company Limited
- Incorporated
- 1941-11-10
- Location
- Brighton
- Industry
- 28990 Manufacture of other special-purpose machinery n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Rising costs / inflation
- Supply chain disruption
- Management failings / irregularities
- Loss of key people
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 10 November 1941 and is owned by Tricorn Group Plc (“PLC”), a UK AIM listed holding company. PLC has three subsidiaries: the Company, Franklin Tubular Products Inc (“Franklin”) and Maxpower Automotive Limited (“Maxpower’) (together “the Group”). The Company has two trading divisions located in Malvern and West Bromwich. Franklin is a US registered company that trades from two sites in North Carolina and Georgia. Maxpower is a dormant UK registered company that holds the shares (63%) in a joint venture based in China, Minguang-Tricorn Tubular Products (“JV”). Only the Company is subject to an insolvency procedure.
The Company manufactured pipe and tubing assemblies, primarily supplying customers in the energy and transportation sectors. The Company operated from two leasehold sites in the West Midlands and employed 177 people in the UK at the date of appointment.
Funding and financial position of the Company
Administrators' statement of proposals (2021-10-07) · Companies House register