Forwessun Test Systems Limited (01904565): administration
- Status
- Administration ended
- Administration began
- 2017-01-26
- Administrators
- Gareth Harris, Keith Allan Marshall
- Administrators' firm
- RSM
- Incorporated
- 1985-04-12
- Location
- Leeds
- Industry
- 62090 Other information technology service activities
Why it went into administration
- Creditor pressure / legal action
- Sustained trading losses
- Loss of a key customer, supplier or contract
From the administrators' statement
Forwessun Test Systems Limited (‘FTS’) was incorporated on 12 April 1985 and provided test fixtures, test software, test systems, service and support for leading in circuit test platforms
FTS has been trading for over 30 years However, after many years of trading successfully FTS became loss making in the run up to RSM Tenon becoming originally involved in November 2012 Barclay’s Bank Pic (‘Barclays’) had concerns over the tosses and viability of FTS (and the wider group consisting of Forwessen (nternational Limited (‘FIL’)) which in turn, owns a subsidiary in China
In November 2012, Barclays and FTS and FIL engaged RSM Tenon to perform and independent business review The original scope of work was extended in December 2012 to include independently advising on the restructure of FTS to continue trading with renewed investment, new ownership and a changed debt structure
Administrators' statement of proposals (2017-03-20) · Companies House register