WS Realisations 2023 Limited (01758689): administration
- Status
- Administration ended
- Administration began
- 2023-12-22
- Administrators
- Trevor John Binyon, Charles Hamilton Turner
- Administrators' firm
- Opus Restructuring
- Formerly
- Weathershield Limited; Floydgreen Limited
- Incorporated
- 1983-10-05
- Location
- Milton Keynes
- Industry
- 22290 Manufacture of other plastic products
Why it went into administration
- HMRC / tax arrears
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Sustained trading losses
From the administrators' statement
The directors of the Company initially approached Adrian Chambers a Partner of Opus Restructuring LLP (“Opus”) in December 2022 to discuss the financial position of the Company and to view possible refinancing options. It is understood that trade had picked up since then and there was no immediate creditor pressure. The directors reapproached Opus in November 2023. A meeting was held on 22 November 2023 with the directors, Trevor Binyon & Adrian Chambers (of Opus) and the secured creditor, Triplepoint, to discuss the Company’s options. Following a review of the Company’s financial position, on 1 December 2023, Opus was formally engaged to assist with placing the Company into administration and market the business and assets of the Company for sale.
The period of September/October/November 2023 incurred further trading losses; these , had historically been strong trading months with no indication that trading would improve. The business had previously generated a high degree of online sales but owing to problems encountered with the re vamped website , there had been no material signs of sales significantly increasing.
Cashflow had been extremely tight and whilst orders had been received they were significantly reduced. The company was not in a position to discharge the December salaries or have sufficient cash to order the required materials to complete the potential order book going forward and meet liabilities as and when they fall due, including agreed Time to Pay arrangements with HMRC.
Administrators' statement of proposals (2024-02-21) · Companies House register