GEE Graphite Limited (02306442): administration
- Status
- Administration ended
- Administration began
- 2023-03-08
- Administrators' firm
- FRP Advisory
- Formerly
- Shieldatlas Limited
- Incorporated
- 1988-10-18
- Location
- Leeds
- Industry
- 25990 Manufacture of other fabricated metal products n.e.c.
Why it went into administration
- COVID-19
- Competition / price pressure
From the administrators' statement
The Company was incorporated in October 1988 and at the date of administration traded from three leasehold premises off Havelock Street, Ravensthorpe, West Yorkshire, WF13 3LU and employed 41 staff. It offered a comprehensive range of graphite products, gaskets (made from multiple types of material) and offset valve seals, and served numerous sectors including oil and gas, automotive, food, agriculture, aerospace, subsea and nuclear.
The current directors / shareholders worked for the Company and acquired it from its former owners in late 2017. The Company made profits in the years ended January 2018, 2019, and 2020. However, payment for the acquisition was on a deferred basis, and the cash generated from these profits was used to repay the former owners. The final payment for the deferred consideration was in June 2020, a couple of months after the Covid-19 pandemic caused significant disruption to the UK.
During the initial stages of Covid-19, the Company’s turnover decreased and over the course of the next couple of years, it lost one of its main waterjet cutting contracts. On 28 June 2021, the Company granted a debenture to ABN Amro and an invoice discounting facility was put in place. In 2022, one of its customers had indicated that a significant contract would arise and was forecast to start in June 2022.
Administrators' statement of proposals (2023-05-12) · Companies House register