Tricorn Group PLC (01999619): administration
- Status
- Administration ended
- Administration began
- 2022-04-01
- Administrators
- Mark Granville Firmin, Michael Thomas Denny
- Administrators' firm
- Alvarez & Marsal
- Formerly
- Winchester Trust Limited
- Incorporated
- 1986-03-13
- Location
- Brighton
- Industry
- 70100 Activities of head offices
Why it went into administration
- Funding withdrawn / unable to refinance
- Rising costs / inflation
- Supply chain disruption
- Loss of key people
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 13 March 1986 and is a UK AIM listed holding company (trading suspended from August 2021). The Company has three active subsidiaries: Tricorn UK Limited (in administration) (“TUK”), Tricorn USA Inc (“TUS”) and Edger 180 Limited (“Edger’); in addition to two dormant subsidiaries, Halco 347 Limited and Halco 348 Limited (together “the Group”).
The Group manufactures tubular engineering and complicated welded fabrications primarily supplying customers in the construction, energy and transportation sectors. TUK was a UK registered company that traded from two sites in Malvern and West Bromwich that went into administration on 27 September 2021. TUS is a US registered company that trades from two sites in North Carolina and Georgia. Edger is a UK registered company with a 63% share in a joint venture based in China, Minguang-Tricorn Tubular Products (“JV”). Only the Company and TUK are subject to insolvency procedures.
The Company operated from TUk’s leasehold site in the West Midlands, and had no employees at the date of appointment.
Administrators' statement of proposals (2022-04-12) · Companies House register