Hodgson & Hodgson Group Limited (01574452): administration
- Status
- Administration ended
- Administration began
- 2016-10-18
- Administrators' firm
- FRP Advisory
- Formerly
- Oaktime Limited
- Incorporated
- 1981-07-15
- Location
- London
- Industry
- 25990 Manufacture of other fabricated metal products n.e.c.
Why it went into administration
- Loss of a key customer, supplier or contract
- Parent or group failure
- Sustained trading losses
- Weak consumer demand
- Supply chain disruption
- Cash flow / liquidity pressure
- Competition / price pressure
From the administrators' statement
H&H has been trading since 1890 and was first incorporated in 1915 Most recently its four divisions with 187 employees have traded across three separate sites at Old Dalby, Corby and Burton On Trent; the Braintree premises were vacated earlier this year.
In terms of company history, H&H recorded sales of £24m in the financial year ended March 2007, By 2013/14 turnover had reduced to £15m following a downturn in trade across certain business units and the loss of several key customers During this period the business suffered from underinvestment in both plant & machinery and product development.
In July 2015, H&H was acquired by two of tts directors (Martin Wood and Paul Pickup) supported by investment firm Wrogel The new owners injected sufficient new cash to repay H&H’s prior overdraft and provide an additional working capital injection. They subsequently injected a further £250k to support the business and fund the Braintree tationalisation Wrogel also made changes to the management team, although they did not take a direct involvement in running the business on a day to day basis
Administrators' statement of proposals (2016-12-22) · Companies House register