Cambmac Engineering Limited (01260812): administration
- Status
- Administration ended
- Administration began
- 2016-09-08
- Administrators
- David Frederick Wilson
- Administrators' firm
- Begbies Traynor
- Formerly
- Cambmac Limited; G.W.F. Lord Limited
- Incorporated
- 1976-05-28
- Location
- Leeds
- Industry
- 25620 Machining
Why it went into administration
- Cash flow / liquidity pressure
- Property / lease costs
- Weather / natural events
- Regulatory change or action
From the administrators' statement
Cambmac Engineermg Limited (“CEL”) was established in Cambridgeshire in 1977 as a manufacturer of manual and CNC machined components The company was originally established by Alan Macknish
The company traded from leasehold premises at 10-12, Commercial Road, March, Cambridgeshire, PEL5 8QP The freehold of the leasehold premises 1s owned by Snowmountain Enterprises Limited based in March and a formal lease for 3 yeais was put 1m place at the time of the acquisition of the company by Tesserae Group Ltd (“TGL”) The lease expires in Octobe 2016 The company operated bank accounts with Barclays Bank Pic and Santander Bank Pic, neither of these accounts had an overdraft facility following the inception of the factoring agieement with SBF
The business moved to its current location in 1983 and remained in tts then existing form until October 2013 when the business was acquired and became a wholly owned subsidiary of Tesserrae Holdings (2013) Limited (“THL”), which was a business co-owned by Doug Bedford and Alan Dutton THL purchased the shares of CEL on a defened basis from its then shareholders The company was then funded moving foi ward by way ofa factoring agreement with SBF who hold a fixed and floating charge in conjunction with the assignment of the debtors unde: the factoring agreement
Administrators' statement of proposals (2016-09-30) · Companies House register