Park Welding and Fabrication Company Limited (00893835): administration
- Status
- Administration ended
- Administration began
- 2016-09-30
- Administrators
- Gareth James Lewis
- Administrators' firm
- BPI Asset Advisory
- Incorporated
- 1966-12-12
- Location
- Leeds
- Industry
- 25990 Manufacture of other fabricated metal products n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Competition / price pressure
From the administrators' statement
The Company operated as a welding and fabricating company located in Huddersfield, which was purchased by the director, Mr Storer through a limited company (Caristo Limited), in September 2014 Attached at Appendix 1, 1s the statutory information of the Company
In 2016, he Company began expertencing delays on the commencement dates for its contracts, and other works proved to be unprofitable leading to losses being incurred by the Company The director determined that it was in creditors’ best interest to attempt to sell the business as a going concern and spoke with Intelligent Business Transfers ("IBT”), specialised business transfer consultants, in this regard No interested parties were found by IBT and the director subsequently approached a local competitor who initially appeared to be interested in purchasing the business and assets, however after discussions and due diligence no offer was made
The Company had serve cashflow difficulties and a number of creditors had indicated that they would issue a winding up petition Furthermore, the company could not afford to pay wages due on 2 September 2016, which lead to the Company ceasing to trade
Administrators' statement of proposals (2016-12-06) · Companies House register