Lowley Engineering Limited (02636900): administration
- Status
- Administration ended
- Administration began
- 2023-08-02
- Administrators' firm
- Leonard Curtis
- Incorporated
- 1991-08-12
- Location
- Bristol
- Industry
- 25620 Machining
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Competition / price pressure
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was incorporated on 12 August 1991 and operated from premises in Launceston, Cornwall providing precision engineering services from design through to manufacture, predominantly specialising in components for the automotive, hydraulic, pneumatic, marine and industrial automation sectors.
The Company developed a good customer -base over the subsequent years and was generally profitable although by 2020 it had accrued a significant amount of borrowing by way of secured and unsecured loans and obligations under finance lease and hire purchase contracts.
In December 2020, the Company was acquired by Cre8Network Group Limited. The acquisition was primarily funded by a re-finance of the Company’s machinery and equipment by Close Brothers Asset Finance (“Close Brothers’) and therefore resulted in the Company having an even higher level of gearing and significant monthly finance obligations to service in addition to existing loan repayments.
Administrators' statement of proposals (2023-09-18) · Companies House register