K. Gray Plumbing and Heating Services Limited (01412304): administration
- Status
- Administration ended
- Administration began
- 2014-01-10
- Formerly
- Trimbond Heating Limited
- Incorporated
- 1979-01-30
- Location
- Droitwich
- Industry
- 43220 Plumbing, heat and air-conditioning installation
Why it went into administration
- Loss of a key customer, supplier or contract
- Sustained trading losses
From the administrators' statement
The Company was incorporated in June 1979 and was then purchased as an MBI in November 2007 The company ran as a sister company to K Gray Plumbing and Heating Engineers Ltd which did the bulk of the work but also had a large property portfolio A holding company was set up to buy the shares of Services Ltd which then purchased the trading and goodwill of Engineers Ltd The company had a turnover of around £6m pa and a track record of good profits
The purchase price was £2m made up of £500k cash plus £15 million deferred over 7 years A loan of £650k was taken out from Yorkshire Bank by the holding company, Seckloe 355 Ltd, to cover the cash transaction and associated completion costs
The company structure Is that K Gray Plumbing and Heating Services Ltd is wholly owned by Seckloe 355 Ltd whose shareholders are MJ Sharp 81% and PM Sharp 19%
Administrators' statement of proposals (2014-01-31) · Companies House register