Sigmacon (UK) Limited (01359773): administration
- Status
- Administration ended
- Administration began
- 2023-05-30
- Administrators' firm
- Begbies Traynor
- Formerly
- Sigmacon Impex Limited
- Incorporated
- 1978-03-23
- Location
- London
- Industry
- 86900 Other human health activities
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
The Company was incorporated in 1978 and operated as a distributor of medical equipment providing the NHS and the private healthcare sector with a wide range of high-quality devices, predominantly laser systems and associated products for Surgical, Urological and Ophthalmic patients. Its main supplier was an Israeli company that develops and commercialises energy-based medical solutions including premier laser systems, fibres and accessories for surgical procedures.
The Company would acquire medical equipment (surgical and ophthalmic) pursuant to a distribution agreement and sell on at a profit. This was the main source of revenue, and total turnover for the financial periods ending 30 June 2020 and 30 June 2021 were £7.6m and £9.7m respectively. Draft accounts for the following year disclosed a further increase in turnover to £10.5m with net assets of
In August 2022, a third party completed its acquisition of an arm of the main supplier and the contractual relationship was assigned. On expiration of the distribution agreement on 31 December 2022, the new owners no longer required a UK distributor and began to sell its surgical products direct to customers. There was no alternative product that the Company could provide to its customer base. As a result of the end of the relationship with the new owners, there was an outstanding net sum of circa £700,000 payable. Ultimately, this resulted in a Statutory Demand being issued on 10 May 2023 and served on the Company on 11 May 2023 for the sum of £753,697.73.
Administrators' statement of proposals (2023-08-01) · Companies House register