Golf Road Instruments Limited (02139085): administration
- Status
- Administration ended
- Administration began
- 2021-03-19
- Administrators
- Conrad Alexander Pearson, Patrick Alexander Lannagan
- Administrators' firm
- Mazars
- Formerly
- Sabre Instrument Valves Limited; Vouchnice Limited
- Incorporated
- 1987-06-09
- Location
- Manchester
- Industry
- 32990 Other manufacturing n.e.c.
Why it went into administration
- COVID-19
- HMRC / tax arrears
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
The Company was incorporated on the 27 August 1987 as a subsidiary of Sabre Holdings (UK) Limited, with 5% of the equity in the ownership of Robert Clegg, a co-founder of the business. Steven Buckley, a principal shareholder of the Group, had identified an opportunity to diversify into the valves industry of components and put together a small team of people who all had many years of experience in the valves industry which included: Peter Veitch, a chartered accountant and had been the Managing Director of a large manufacturer of valves; Robert Clegg, an experienced valve design engineer; Frits Schimmel (FS), a Dutch engineer; and Steven Buckley, a chartered engineer with (at that time) 21 years’ experience in engineering manufacturing.
As a Start-up, the Company was entirely financed by the Group and began trading from the Group premises in Hale, Cheshire. The initial share capital was £1k which increased to £500K and subsequently increased further to £1m. Further funding was provided in the form of the Group overdraft facility with NatWest Bank plc.
In 2011, the Company entered into a factoring agreement with Bibby Financial Services Limited to provide greater flexibility to fund working capital. In November 2012, the Company switched the invoice discounting facility (‘the facility’) to RBS Invoice Finance Ltd (‘RBSIF’). In November 2017, the Company transferred the facility to the current provider, Secure Trust Bank plc as
Administrators' statement of proposals (2021-05-04) · Companies House register