Orvec International Limited (01168299): administration
- Status
- Administration ended
- Administration began
- 2021-09-07
- Administrators' firm
- Interpath Advisory
- Formerly
- Orvec Limited; Haltemprice Marketing Services Limited
- Incorporated
- 1974-04-26
- Location
- Birmingham
- Industry
- 13950 Manufacture of non-wovens and articles made from non-wovens, except apparel
Why it went into administration
- COVID-19
- Sustained trading losses
From the administrators' statement
The Company had been severely impacted by the downturn in the aviation industry during the pandemic. Although an element of sales reduction was mitigated by the ability to produce and sell PPE, these volumes had also reduced.
Due to the ongoing uncertainty in the airline industry, the low level of order book and a number of customer contracts reaching expiry, and with no real upturn in sight in the aviation market, Management’s view was that the business was no longer viable as currently structured.
Interpath was engaged by the Company on 16 August 2021 to undertake an accelerated marketing exercise for the business and assets of the Group, being the Company, its subsidiary in China (Orvec (Xiamen) Textile Converting Co., Limited - ‘OXL’) and a joint venture based in the United Arab Emirates. Fees of £40,000 plus VAT were agreed for this work.
Administrators' statement of proposals (2021-09-24) · Companies House register