Process Projects Limited (02419633): administration
- Status
- Administration ended
- Administration began
- 2018-03-23
- Administrators
- Gregory Andrew Palfrey, Stephen John Adshead
- Administrators' firm
- Evelyn Partners
- Formerly
- Sheet Metalcraft Limited
- Incorporated
- 1989-09-04
- Location
- Southampton
- Industry
- 25990 Manufacture of other fabricated metal products n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Property / lease costs
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 4 September 1989 and has in recent years traded from leasehold premises at Unit 4c, Barton Park Industrial Estate, Eastleigh, Hampshire SO50 6RR. Its principal activity was manufacturing products and equipment for the process industries, including items such as pressure vessels, pipework, filter vessels, fabrications, machining and instrumentation. This precision work required the Company to meet the strict quality control and traceability requirements of the key sectors in which it worked, including the oil, gas and marine sectors. Annual turnover of circa £1m was made up of substantial repeat work from significant well known customers who had been with the business for 10/20 years or more.
Annual accounts for the year ended 31 March 2016 reported turnover of £1,094k, generating a grass profit of £303k (28%) and a £2k profit before tax. However, results for the subsequent year to 31 March 2017 showed a significant deterioration. Whilst turnover was broadly consistent at £1,064k, gross profit fell to £82k (8%) and a net loss before tax of £194k incurred.
At that time, the Company directors were Andrew House (appointed 31 March 2016) and Mark Benfield {appointed 5 February 2016) each of whom held 50% of the ordinary share capital. Andrew House subsequently resigned as a director an 8 December 2017 and on 11 December was replaced by Kevin Perris, a highly experienced commercial director with significant experience of the sector, to whom he also transferred his shares for nil consideration.
Administrators' statement of proposals (2018-06-01) · Companies House register