Woodcroft Engineering Company Limited (00638016): administration
- Status
- Administration ended
- Administration began
- 2014-04-25
- Administrators
- Simon Harris, Cameron Gunn, Mark Supperstone
- Administrators' firm
- ReSolve
- Incorporated
- 1959-09-25
- Location
- London
- Industry
- 71129 Other engineering activities
Why it went into administration
- HMRC / tax arrears
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- Loss of key people
From the administrators' statement
The Company was incorporated over 50 years ago and developed into a high class precision engineering business capable of handling smail, medium and long batch production runs to customer requirements
The Company was experienced in the manufacturing of high precision components for the aircraft, automobile, power generation, oil and gas, fluid power and development engineenng industnes A particular focus has been developed in machining cast metal products in a number of ferrous and non-ferrous / alloy matenais
The business suffered a setback in 2012 when the founder and managing director passed away In April 2013, his son sold all of the shares in the Company to Mr Melvyn Penn At this time, in order to assist with its cash flow the Company entered into an invoice factoring facility on its receivables in April 2013 with Arden Commercial Finance Limited (Arden) in addition, the Company refinanced almost all of its plant and machinery by way of a sale and leaseback arrangement with Arden and County Asset Finance (County) The Company granted County a fixed and floating charge over its assets at the same time Accordingly, aimost all of the Company's assets were subject to operating leases and were not owned by the Company
Administrators' statement of proposals (2014-05-15) · Companies House register