Statebourne (Cryogenic) Limited (00952351): administration
- Status
- Administration ended
- Administration began
- 2020-01-31
- Administrators
- Ian William Kings, Andrew Little
- Administrators' firm
- Begbies Traynor
- Incorporated
- 1969-04-17
- Location
- Newcastle upon Tyne
- Industry
- 25990 Manufacture of other fabricated metal products n.e.c.
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was incorporated on 17 April 1969 and commenced trading shortly after incorporation. The principal activity of the Company was that of research, design and manufacture of cryogenic vessels. It was one of a small! number of Companies worldwide supplying these vessels and its customer base included blue
-3chip companies both in the UK and abroad. The Company exported to 75 countries worldwide and irnmediately prior to the inception of the Company Voiuntary Arrangement (“CVA’) in 2019 employed 97 staff. The original Director was Harry Haley before he passed over the running of the Company to his sons David and James. The present Directors are David Haley who was appointed in 1988 and James Carr Haley who was appointed in 1995. In the years ended 31 March 2011 to 31 March 2015 the Company posted profits of circa £115,000, £451,000, £521,000, £513,000 and £201,000 respectively. In the years ended 31 March 2016 and 31 March 2017 audited accounts showed losses before tax of circa £107,000 and £105,000 respectively and draft accounts for the year ended 31 March 2018 showed a loss before tax of circa £47,000.
in the year ended 31 March 2014 the Company commenced a development process to manufacture larger cryogenic vessels to run alongside the profitable smaller tanks. The intention was to diversify the product range and capitalise on a growing market and make the Company a leader in the marketplace.
Administrators' statement of proposals (2020-04-07) · Companies House register