Wright Plastics Limited (01095422): administration
- Status
- Administration ended
- Administration began
- 2013-03-15
- Administrators' firm
- KPMG
- Incorporated
- 1973-02-09
- Location
- Leicester
- Industry
- 22290 Manufacture of other plastic products
Why it went into administration
- HMRC / tax arrears
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- Bad debts / customer insolvency
- Competition / price pressure
From the administrators' statement
Wnight Plastics Limited 1s a plastic injection moulding business, operating from leasehold premises in Market Harborough, Leicestershire
RBS Invoice Finance Limited (“RBSIF”) provided an invoice discounting facility to the Company, and was owed £504,380 40 upon our appointment National Westminster Bank Pic (“NatWest”) provided a current account and was owed approximately £71,000 (excluding interest) against two Enterprise Fmance Guarantee (“EFG”) Scheme loans Simon Walsh (“the Director”) has provided a personal guarantee against the EFG loans to a maximum amount of approximately £38,000
In 2009/10 the Company suffered a loss of approximately £500,000 on a customer contract The Company was able to temporarily alleviate the resulting cash pressure, in part, through additional RBSIF support, a refinance of plant and machinery and a time to pay (“TTP”) arrangement with HM Revenue & Customs (“HMRC”)
Administrators' statement of proposals (2013-05-16) · Companies House register