WPE Assets Ltd (02140034): administration
- Status
- Administration ended
- Administration began
- 2011-11-07
- Administrators' firm
- FRP Advisory
- Formerly
- Westway Precision Engineering Limited; Eastrock Limited
- Incorporated
- 1987-06-11
- Location
- Norwich
- Industry
- 2852
Why it went into administration
- HMRC / tax arrears
- Competition / price pressure
- Rising costs / inflation
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
WPE Assets Ltd (“the Company’) was incorporated on 11 June 1987 to produce component parts for customers based in the UK Statutory information is attached as Appendix 1
Dunng this time it gained a good reputation for a fast tumaround on orders and the detivery of high quality parts to its customers It matntained, and indeed showed growth, tn its customer base even during the economic downtum that started in 2007 Trading was difficult in the following years due to the increasing costs of raw matenals and the focus on competitive pricing for customers resulted in a compounded dilution of profits
In December 2010, Barclays Bank plc (“Barclays”) gave notice of their intention to bring in their financial consultants, FRP Advisory, to consider the Bank's concems around the group Invoice discounting financing facility that included the Company This facility was heavily relied upon by the Company As part of the review the credit limits were reduced and in February 2011 the group was forced to secure an alternative finance provider in a very short timescale This did not assist with the day to day running of the business and placed additional strain on the Company's management of working capital and management time
Administrators' statement of proposals (2011-11-29) · Companies House register