Phoenix Naylors Abrasives Ltd (00929557): administration
- Status
- In administration
- Administration began
- 2026-02-26
- Administrators
- Michael Lennon, Mark Blackman
- Administrators' firm
- Advisory
- Formerly
- Phoenix Abrasive Wheel Co.Limited(The)
- Incorporated
- 1968-03-27
- Location
- Manchester
- Industry
- 23910 Production of abrasive products
Why it went into administration
- COVID-19
- Sustained trading losses
- Supply chain disruption
- Loss of a key customer, supplier or contract
- Bad debts / customer insolvency
From the administrators' statement
Following the TAPS acquisition, the Group performed well in the first year following the COVID-19 pandemic. However, the Ukraine war resulted in increases in operating expenses and import costs which began to place pressure on the Group's cost base.
Furthermore, as an industry strongly exposed to the steel sector and the wider manufacturing base of the UK, the Group was impacted by the decline of these sectors experiencing steady reductions in revenue as the economic conditions in said markets worsened.
As a result of these factors, the trading performance of the Group steadily declined. The Group reported a significant profit in FY24, however this was inflated by a profit on disposal of the Halesowen property. In FY25, the Group reported a loss of £81k and a further loss of £156k in the eight months to November 2025.
Administrators' statement of proposals (2026-04-29) · Companies House register