Solpro Manufacturing Limited (00900057): administration
- Status
- Administration ended
- Administration began
- 2024-10-28
- Administrators
- Gary Paul Shankland, Joanne Louise Hammond, Robert Neil Dymond
- Administrators' firm
- Begbies Traynor
- Formerly
- Solder Products Manufacturing Limited
- Incorporated
- 1967-03-07
- Location
- Sheffield
- Industry
- 70100 Activities of head offices
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was incorporated on 7 March 1967 and operated as a member of the Thessco Group (the “Group”), one of the world’s largest manufacturers of Silver Brazing Alloys, Metal Joining Products and Industrial Silver Alloys. Paul Tear, John Edwards and Malcolm Rathbone were appointed as the Company directors.
The Group’s refining business was originally founded in 1760 by John Read, and in 1787 the business moved its activities to Royds Mills, Windsor Street, Sheffield, S4 7WB (the “Property”). The refining business has gone through various changes of ownership. The Company itself began operating initially as a manufacturer of precious metals, though over time gradually became responsible for providing the head office function for companies within the Group. In 1984, the Company purchased the business of Thessco Limited (“Thessco”), which continued to manufacture and provide precious metals across the world. The Property, from which the Group traded, was split into two titles, one of which was owned by the Company and the other was owned by Thessco.
In November 2009, Thessco entered into a Precious Metals Lease and Facility Agreement (the “Silver Lease”) with the Royal Bank of Scotland Plc (“RBS”) for the provision of a precious metals lease and trading facility. In July 2010, JP Morgan Chase Bank, N A (“JP Morgan”) acquired the liability due from Thessco and the Silver Lease was novated to JP Morgan on 11 February 2011. On which date the Company became a guarantor for the liability of Thessco through a cross company guarantee as per the debenture granted by Thessco to JP Morgan, which contained fixed and floating charges over the undertaking and all property and assets of the Company.
Administrators' statement of proposals (2024-12-31) · Companies House register