W.P. Eglin Limited (01169235): administration
- Status
- Administration ended
- Administration began
- 2014-09-08
- Administrators' firm
- Begbies Traynor
- Incorporated
- 1974-05-06
- Location
- Leeds
- Industry
- 31090 Manufacture of other furniture
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
W P Eglin Ltd was incorporated in 1976, from a business which had been founded by Mr W P Eglin in 1880 The business has operated continuously from the same premises on Victona Road, Sowerby Bndge, and whilst it onginally manufactured hearth-side furniture, from 1940's onwards other furniture began to be produced Mr A G Spence took over the business in 1976 and remained as director until his retirement in 2001 AG Spence's son, Simon Spence, was appointed as finance director in 1992, and Roland Laycock became managing director in 2002 Over the years the Company began to supply contract furniture to schools and local authortties, the products were low in value, but high in volume in 1993, a contract to supply BAA with bespoke seating for all 8 of their UK airports was awarded to the Company This was a shift in the profile of the Company's sates, representing products that were high in value and low in volume
In 1998, the Company's first large export order was to supply 10,000 seats to Kuala Lumpur International Airport fn addition, the BAA contract was renewed several times, and the Company also began to supply many train compantes, including South West Trains, South East Trains and Virgin Trains
In 2012, the Company won a contract worth approximately £500,000, to supply Ethiopian Airways with seating Initial concerns about the contract and the ability of the airline to pay, were alleviated by speaking to existing suppliers of Ethiopian Airways (including Rolls Royce), the Company's bank, Barclays, were also supportive of the decision to sign the contract Despite Barclays holding secunty over the Company's freehold land and premises, and although cash-flow forecasts showed that the contract would be profitable, half-way through the project Barclays refused to extend the overdraft facility, and gave the Company 5 days Notice to refinance
Administrators' statement of proposals (2014-11-04) · Companies House register