01630028 Limited (01630028): administration
- Status
- Administration ended
- Administration began
- 2012-02-10
- Administrators' firm
- EY
- Formerly
- Unicorns Limited
- Incorporated
- 1982-04-20
- Location
- Manchester
- Industry
- 2875
Why it went into administration
- Sustained trading losses
- Parent or group failure
- Competition / price pressure
From the administrators' statement
The Companies manufactured and imported welded and woven wire mesh They traded from two freehold properties in St Helens and Banbury, both owned by Pentargon, a Group company
The Companies each had an annual turnover of approximately £2.5m. Multimesh manufactured and supplied products to the medical, food and automotve industries. P&S predominately manufactured and supplied architectural, pharmaceutical, automotive and filtration products Multimesh and P&S employed 44 and 20 staff respectively at the date of the Joint Administrators’ appointments
The Group, summarised below, was formed in 2008 through the acquisition of the SEL, P&S, Multimesh and Pentargon businesses by SGL, a Northem Insh registered business, set up as a holding company to acquire the UK businesses The acquisition was funded through a combination of upfront consideration, provided by a term loan with the Bank (secured on the properties held by Pentargon and fixed and floating charges over the Group companies and a personal guarantee provided by Barry Aughey, a Group director) together with £1 2m of deferred consideration payable by SGL ta the vendor Working capital facilities were provided to the Group by UBIF
Administrators' statement of proposals (2012-04-11) · Companies House register