Faraday Printed Circuits Limited (01905822): administration
- Status
- Administration ended
- Administration began
- 2023-11-14
- Administrators
- Andrew D Haslam, Allan David Kelly
- Administrators' firm
- FRP Advisory
- Formerly
- Faraday Circuits Limited; Valvestate Limited
- Incorporated
- 1985-04-17
- Location
- Houghton le Spring
- Industry
- 26110 Manufacture of electronic components
Why it went into administration
- Sustained trading losses
- Rising costs / inflation
- Cash flow / liquidity pressure
- Energy costs
- Property / lease costs
From the administrators' statement
The Company was incorporated on 17 April 1985 and operated as a printed circuit board (“PCB”) manufacturer and supplier. The Company operated from a leased facility at 15-18, Faraday Close, Washington, NE38 8Q].
At the point of Administration, the Company employed 38 members of staff including the Director, Jamie Pearson. The Company was a wholly owned subsidiary of Faraday Printed Circuits (Holdings) Limited and the ultimate beneficial owners are Jamie Pearson (5.2%), Julia Smith (47.4%) and the estate of John Gordon Arkley (47.4%).
The details of the charges held and the outstanding balances are detailed in Section 4 below.
Administrators' statement of proposals (2023-12-27) · Companies House register