Olympic Fire Protection Limited (02112519): administration
- Status
- Administration ended
- Administration began
- 2012-10-09
- Formerly
- Mazesonic Limited
- Incorporated
- 1987-03-19
- Location
- Salisbury
- Industry
- 84250 Fire service activities
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Sustained trading losses
- Loss of key people
- Competition / price pressure
From the administrators' statement
Olymptc Fire Protection Limited ("the Company") commenced trading in 1984 and was incorporated in 1987 by Mr Barry Watson with his wife Jacquie acting in the role of Company Secretary The Company built a profitable business organically over the following years that specialised in fire protection and specifically the design, installation commissioning and maintenance of fire sprinkler systems The Company developed a reputation for reliability and service and achieved LPCB level 4 As a result the Company acquired an impressive client base consisting of large national and blue chip companies
In 2002 Mr and Mrs Watson decided to step back from the day-to-day running of the business A new managing director with a proven track record was appointed to run the business, with Barry and Jacquie Watson continuing in the role of Chairman and Company Secretary Between 2003 and 2008 the Company consistently generated a turnover in excess of £3m and consistently reported profits between £106,000 (2004) and £260,000 (2008) In 2008 however the Managing Director sadly became seriously 111 Although he tried to continue on a part-time basis, the country, and the construction industry in particular, was sliding quickly into recession and the Company required strong hands-on leadership
Eventually the incumbent Managing Director was replaced by Gary Kirkwood, a long serving contracts manager with the Company Gary had no financial traming or expertise and was reliant on those around him to provide the necessary information, sadly he was not well served When the existing long serving accountant left the Company tn November 2010, it soon became apparent that the true extent of the Company’s financtal position had been withheld from the directors Statutory returns had not been submitted and the Company was now mm arrears with HMRC, and as a result had lost its CIS status which had a detrimental effect on cash flow and Administration The replacement accountant only lasted a very short period of time, and was replaced by Nicct Williams on a part-time basis in February 2011
Administrators' statement of proposals (2012-12-07) · Companies House register