S.Robinson & Sons(Engineers)Limited (00823781): administration
- Status
- Administration ended
- Administration began
- 2011-10-19
- Administrators' firm
- KPMG
- Incorporated
- 1964-10-20
- Location
- Birmingham
- Industry
- 4521
Why it went into administration
- Funding withdrawn / unable to refinance
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 20 October 1964 and its principal activity was that of structural engineering and steel work fabrication The Company, which operated from a number of leasehold units at Wincanton Close, n Derby, fabricated and erected steel structures for both the industrial and agricultural construction markets throughout the UK, and to a lesser extent, Europe
The Company was histoncally profit making and during 2008, its turnover peaked at approximately £44 million with profits standing at approximately £3 milon However, the downturn in the economy resulted in turnover falling to £29 million and losses of approximately £200,000 being recorded in 2009 In 2010, the Company recorded a turmover of approximately £28 milion, £4 milion of which related to its agriculture division, and whilst this division was a profit making division, the Company as a whole made a loss of just under £5 million
Due to financial difficulties in December 2010, RCapital, and related company Praxis Nominees Limited, purchased 100% of the shares of the Company As a result of this Magana provided the Company with a banking facility, to fund working capital requirements Despite this, and significant cost reduction measures being implemented by the Company, the general downturn in the construction sector and the lack of work in the pipeline led to a further cash requirement by the Company in September 2011 (estimated to be in the region of £2 million) Given the lack of future order book, Magana were unable to provide that funding
Administrators' statement of proposals (2011-12-05) · Companies House register