Insulation Techniques & Services Limited (01934138): administration
- Status
- Administration ended
- Administration began
- 2018-06-19
- Administrators
- Richard Paul Rendle
- Administrators' firm
- BDO
- Formerly
- Overstones Limited
- Incorporated
- 1985-07-29
- Location
- North Ferriby
- Industry
- 43999 Other specialised construction activities n.e.c.
Why it went into administration
- Competition / price pressure
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
- Sustained trading losses
- Weather / natural events
From the administrators' statement
Insulation Techniques & Services Limited (“ITS” or ““Company’’) was incorporated in 1985 by the late Robert Rendle, the brother of the Administrator, as an installer of cavity wall and roof insulation to the domestic and commercial markets. In 1996 Robert Rendle passed away and approximately a year later Ross Williams, the current director, was employed as the General Manager by the executors of the deceased’s estate. At the time ITS had seven employees and a turnover in the region of £400,000.
During the next six years ITS expanded further into the new build housebuilding market and began to work in the grant funded areas of the insulation of domestic households through Government schemes such as Warm Front.
In October 2004, Ross Williams acquired the whole of the issued share capital of ITS from the beneficiaries of the deceased estate of Robert Rendle for £430,000 via a Management Buy Out (“MBO”) using Hayton Electronics Limited (“Hayton”) as a vehicle for the purchase. The beneficiaries of the deceased estate were Robert Rendle’s two children who by that time had reached the age of majority.
Administrators' statement of proposals (2018-08-22) · Companies House register