FGP Precision Engineering Limited (02335039): administration
- Status
- Administration ended
- Administration began
- 2015-09-10
- Administrators' firm
- Deloitte
- Formerly
- P. B. S. (Precision Engineering Weymouth) Limited
- Incorporated
- 1989-01-13
- Location
- Birmingham
- Industry
- 25110 Manufacture of metal structures and parts of structures
Why it went into administration
- Funding withdrawn / unable to refinance
- Sustained trading losses
- Loss of a key customer, supplier or contract
From the administrators' statement
The Company began experiencing a decline in trading performance in 2015 as there were delays in certain major orders from key customers In anticipation of securing these orders, the Company invested heavily in new machinery (largely subject to finance and operating lease commitments) and as a result, the reduction in cash receipts was compounded by the increase in the level of fixed costs of the business
Steps taken to remedy/turnaround
The Company’s shareholder had been tn discussions with a third party (“Potential Purchaser’) regarding a potential sale of the entire share capital during the 12 months preceding the administration appointment
Administrators' statement of proposals (2015-11-03) · Companies House register