Thistle Realisations Limited (00606877): administration
- Status
- Administration ended
- Administration began
- 2019-05-22
- Administrators
- Chad Griffin, Simon Kirkhope
- Administrators' firm
- FTI Consulting
- Formerly
- Industrial Acoustics Company Limited
- Incorporated
- 1958-06-24
- Location
- London
- Industry
- 25110 Manufacture of metal structures and parts of structures
Why it went into administration
- Sustained trading losses
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Loss-making contracts / project overruns
- Management failings / irregularities
From the administrators' statement
IAC Acoustics (“the Group”) ts a global group focused on the manufacture and supply of noise control products and the provision of associated consultancy/support services The Group, acquired by the Shareholder tn 2012, has grown In scale as a result of vanous acquisitions and through the establishment of overseas operations The Group has operating subsidiaries tn Australia, Canada, China, Denmark, France, Germany, the UK and the USA, and has a branch in Dubai
The ultimate UK hoiding company for the Group ts Thistle Topco (UK) Limited Bidco is, indirectly a wholly-owned subsidiary of Topco and holds shares in trading entities in Canada and the USA as well as shares in Dropco Bidco is also the debtor in respect of the Group Secured Debt of c£68m
Dropco is a holding company holding shares in IAC
Administrators' statement of proposals (2016-02-02) · Companies House register