Progeny Limited (02258320): administration
- Status
- Administration ended
- Administration began
- 2023-11-01
- Administrators
- Rochelle Schofield, Mike Dillon
- Administrators' firm
- Leonard Curtis
- Formerly
- Mechideal Limited
- Incorporated
- 1988-05-16
- Location
- Manchester
- Industry
- 26110 Manufacture of electronic components
Why it went into administration
- COVID-19
- HMRC / tax arrears
- Sustained trading losses
- Cyber attack / IT failure
From the administrators' statement
The Company was incorporated in May 1988. The current Director of the Company is Brett Burby. The sole shareholder is Brett Burby.
The principal trading activity of the Company was as a retailer of access control systems. The Company traded from leasehold premises at Progeny House, 21a Manchester Road, Broad Oak Road, Accrington, BB5 2BQ. Prior to the Administration, the Company employed 8 members of staff.
The Company was latterly funded by way of an Invoice Finance Agreement with Close Brothers Limited (“Close”),90 who hold security by way of a Debenture incorporating fixed and floating charges created on 15 January 2020.
Administrators' statement of proposals (2023-12-30) · Companies House register