Atlas Machinery (U.K.) Limited (02664325): administration
- Status
- Administration ended
- Administration began
- 2016-04-04
- Administrators
- Lee Van Lockwood, Robert Alexander Henry Maxwell
- Administrators' firm
- Begbies Traynor
- Incorporated
- 1991-11-20
- Location
- Leeds
- Industry
- 46690 Wholesale of other machinery and equipment
Why it went into administration
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 20 November 1991 and operated as a supplier of used book binding and finishing equipment to the print industry, with the intention to offer a real alternative to buying new machinery The Company re-furbished and re-conditioned machinery as required and provided a full installation service to customers across the globe
As has been widely publicised, the printing industry has been in decline in the recent past, particularly in the UK where there have been a number of large print company failures This has, at least in part, been due to the rise in the use of digital marketing This has had a knock-on effect on the demand for machinery with fewer customers and an increased amount of available machinery as a result of these company failures
The genera! decline in the printing industry, coupled with increased competition in the print machinery supply sector, caused the Company to run tnto cash flow difficulties and the Company was at the limit of its lending facilities with Lloyds Bank The Company had sought to reduce its overheads by reducing stock levels, which allowed It to exit from a secondary warehouse saving approximately £70,000 per annum, although with mounting credit pressure, Lloyds Bank requested that BTG Financial Consulting carry out a review of the Company's cash flow and forecasts in July 2015
Administrators' statement of proposals (2016-06-13) · Companies House register