HQC Limited (02042436): administration
- Status
- Administration ended
- Administration began
- 2013-07-09
- Administrators
- Russell Stewart Cash, Ben Woolrych
- Administrators' firm
- FRP Advisory
- Formerly
- High Quality Components Limited; Ruggton Limited
- Incorporated
- 1986-07-31
- Location
- Manchester
- Industry
- 25990 Manufacture of other fabricated metal products n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
- Loss of a key customer, supplier or contract
- Sustained trading losses
From the administrators' statement
The Company was incorporated in 1986 and operated as a designer, manufacturer and supplier of precision sheet metal components from freehold premises in Haydock, Merseyside.
The Company’s Directors are Peter O'Neale and Shella Bowden, with Nick Platt and Adnan Gare as non-executive Directors. The Directors and non-executive Directors own 26% of the shares in the ultimate holding company, HQC (Leigh) Limited. The remainder of the shares in HQC (Leigh) Limited are held by former management and a number of investors following a buyout of the business in 2011.
Whilst the Company traded profitably for a number of years, a fall in turnover during 2012 resulted in a small trading loss. Accordingly, the Directors took steps to realign the cost base including a reduction in staff numbers, savings on other overheads and improvements to the efficiency of the production process.
Administrators' statement of proposals (2013-09-03) · Companies House register