Rankins (Glass) Company Limited (00445545): administration
- Status
- Administration ended
- Administration began
- 2012-11-06
- Administrators
- Andrew John Duncan, Alex David Cadwallader
- Administrators' firm
- Leonard Curtis
- Incorporated
- 1947-11-22
- Location
- London
- Industry
- 32990 Other manufacturing n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
The Company was incorporated by the Rankin family on 22 November 1947 The Company's main activity Is the manufacture and distnbution of glass The Company traditionally specialised in the distribution of glass stock, but expanded into the refurbishment and glazing markets The Company had 23 monthly paid and 42 weekly paid staff
Histoncally, the Company benefited from a well-established customer base, which had been built up in the 60 plus years since incorporation In the year ending 31 December 2009, the Company suffered from a severe reduction in turnover and subsequently made a loss of £162k Further losses were incurred tn 2010 and 2011 as the market failed to recover from the UK recession and the glass industry retracted Dunng this period, a number of competitors lowered prices significantly in order to increase volume albeit achieving minimal margins
In February 2012, with the Company still failing to regain business, the Rankin family sold the shares of the Company to Rankins (Glass) Holdings Limited, then known as Iglass Limited Mark Woodward and Gregg Botterman (“the Directors”) were simultaneously appointed as directors with previous office holders resigning The Directors believed that by introducing the IGlass business into the Company, they would be able to capitalise on the expected synergies between the two businesses
Administrators' statement of proposals (2012-12-24) · Companies House register