Martel-Wessex Composites Limited (02482440): administration
- Status
- Administration ended
- Administration began
- 2015-08-19
- Administrators
- Steven Martin Stokes, Raj Mittal
- Administrators' firm
- FRP Advisory
- Incorporated
- 1990-03-16
- Location
- Birmingham
- Industry
- 32990 Other manufacturing n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 16 March 1990 and its principal trading actiwity was the manufacture and sale of composite panels predominantly to the marine industry. The Company traded from a leasehold property on Williams Way, Wellingborough, NN29 7RQ (“leasehold property”).
Management advised that turnover had decreased during recent times and in particular in the few weeks prior to administration due to a summer shutdown of its biggest customer, Sunseeker, which led to the Company experiencing creditor pressure and concerns over future trade
Following an increase in cash flow pressure, the director of the Company was introduced to Moore Stephens LLP (‘MSL") who advised him to place the Company into CVL
Administrators' statement of proposals (2015-10-20) · Companies House register