Brighton Sheet Metal Limited (00520907): administration
- Status
- Administration ended
- Administration began
- 2018-03-05
- Administrators' firm
- Moorfields
- Formerly
- Brighton Sheet Metal Works Limited
- Incorporated
- 1953-06-23
- Location
- London
- Industry
- 25990 Manufacture of other fabricated metal products n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
From the administrators' statement
As mentioned above, Breal acquired the business when it was experiencing considerable working capital challenges in an attempt to turn around its fortunes. At the point of acquisition, the business was refinanced and recapitalised by way of an initial secured loan of £300k provided by Breal, with additional capital injected subsequently.
Later that year, the Managing Director (“MD”) was dismissed and a new experienced interim MD, was appointed to drive improvements in customer service, operational efficiencies and sales pipeline development.
Unfortunately, the Company was late in filing the year end 2016 accounts which caused key suppliers owed a total of c. £500k to withdraw credit lines overnight, placing considerable pressure on cashflow.
Administrators' statement of proposals (2018-04-25) · Companies House register