Wxyz Corporation Limited (01455007): administration
- Status
- Administration ended
- Administration began
- 2014-02-07
- Administrators' firm
- Leonard Curtis
- Formerly
- Astracast Limited; Astracast PLC; Jacuzzi UK Group PLC; Spring RAM Holdings PLC; RAM Bathrooms PLC
- Incorporated
- 1979-10-18
- Location
- Leeds
- Industry
- 32990 Other manufacturing n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Competition / price pressure
- Loss of a key customer, supplier or contract
From the administrators' statement
Historically, SRC and its subsidianes (“the Group’) was a trading division within the global Jacuzzi Brands Corporation selling both Jacuzzi branded goods and non-branded goods through a UK and French trading operation under SRC, an intermediary holding company
In 2012, having recorded poor trading results for a number of years, a sale of the UK non-branded Operation was agreed with HLD Capital The agreement involved the sale of shares in SRC with HLD Group (“HLD”) acquinng all the entities owned by SRC with the exception of the French operation which was retained by the US Corporation
Jacuzzi UK Group Limited, a subsidiary of SRC, was part of the sale to HLD Jacuzzi UK Group Limited was subsequently renamed as Astracast (now known as WXYZ) and is the Principal Employer to the Scheme The pnncipal liability for the Scheme remained with WXYZ and the Scheme had the benefit of a PPF compliant guarantee from SRC
Administrators' statement of proposals (2014-04-07) · Companies House register