QH1 Limited (01289110): administration
- Status
- Administration ended
- Administration began
- 2015-10-19
- Administrators
- Daniel Francis Butters, Clare Boardman
- Administrators' firm
- Deloitte
- Formerly
- Quick Hydraulics Limited
- Incorporated
- 1976-12-02
- Location
- Birmingham
- Industry
- 28120 Manufacture of fluid power equipment
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Group had been experiencing a lack of headroom on Its facilities since the beginning of 2015 due to the decline in the oil & gas part of the business and was unsuccessful In securing additional facilities during March 2015 to July
Trading performance continued to decline largely as result of the depressed oil and gas sector, which has historically accounted for c 40% of the business, and a number of projects were delayed further exacerbating the Groups’ cash flow position, ultimately, exhausting the Groups’ headroom
Steps taken to remedy/turnaround
Administrators' statement of proposals (2015-11-16) · Companies House register