Daedalian Glass Limited (02015629): administration
- Status
- Administration ended
- Administration began
- 2024-02-01
- Administrators
- Andrew James Pear, Michael Stephen Elliot Solomons
- Administrators' firm
- Moorfields
- Incorporated
- 1986-04-30
- Location
- Preston
- Industry
- 23190 Manufacture and processing of other glass, including technical glassware
Why it went into administration
- COVID-19
- Rising costs / inflation
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- Bad debts / customer insolvency
- Rising interest rates
From the administrators' statement
The Company traded as an artisan glass studio from The Old Smithy, Cold Row Carr Lane, Stalmine Poulton Le Fylde, Lancashire FY6 9DW and was incorporated in April 1986. The Company specialised in the design, manufacture and installation of bespoke glazing solutions into the luxury property market in the UK and overseas. The Company employed 21 members of staff.
The Company had experienced several challenges and identified that there was a historic undercharging for the work carried out and the long lead time for projects had detrimentally affected cashflow as well as the impact of the Covid pandemic and the subsequent restrictions in the marketplace for staff and in carrying out work on site, with a number of projects delayed or cancelled.
More recently, the Company experienced inflationary pressures due to increase costs of materials and interest rate rises. The Company had also suffered with bad debts and disputed debts as a number of customers had not paid for additional work requested and carried out.
Administrators' statement of proposals (2024-04-10) · Companies House register