Wrealisations Limited (00958139): administration
- Status
- Administration ended
- Administration began
- 2019-12-20
- Administrators
- Zelf Hussain, Rachael Wilkinson
- Administrators' firm
- PwC
- Formerly
- Wipac Limited; CTP Wipac Limited; Vehicle Controls Limited
- Incorporated
- 1969-07-14
- Location
- Leeds
- Industry
- 29320 Manufacture of other parts and accessories for motor vehicles
Why it went into administration
- Supply chain disruption
- Funding withdrawn / unable to refinance
- Loss of a key customer, supplier or contract
From the administrators' statement
The Company is a 100% owned subsidiary of Carclo Pic and the main operating business within the group’s LED division. It designed and manufactured headlamps, rear lamps and other exterior auxiliary lighting for the automotive industry. It employed 476 employees and operated from freehold and leasehold facilities in Buckingham and Aylesbury.
The Company historically focussed on low volume, high value products for the luxury car market; however, in 2016, it expanded further into the sports and premium market which presented an opportunity for mid-volume sales, but ata lower unit value.
The Company was initially successful in continuing to win low volume production contracts, as well as wins in the mid-volume range; however, when production contracts were launched into production, Wipac experienced a number of operational issues and struggled to meet contractual standards and specifications agreed with customers. The operational issues resulted in additional unplanned costs and delays in winning work for new designs, and the profit recognition thereon.
Administrators' statement of proposals (2020-01-08) · Companies House register