# Electrosafe Limited (02681048)

> Why UK company 02681048 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/02681048

- **Status:** Administration ended
- **Administration began:** 2022-08-18
- **Administrators' firm:** FRP Advisory
- **Incorporated:** 1992-01-24
- **Location:** Brentwood
- **Industry:** 43210 Electrical installation

## Why it went into administration

- HMRC / tax arrears
- COVID-19
- Competition / price pressure

## From the administrators' statement

Electrosafe Limited t/a Veriserv was incorporated in January 1992 by former directors and shareholders. The current management team were appointed in in both 2019 and 2020 following the business being purchased from a pre-pack Administration process.

In April 2019, the Company took out a Confidential Invoice Discounting (“CID”) facility with Bibby Financial Services Ltd, who subsequently placed a charge over the Company, to assist with cashflow.

The Company’s primary activity was to carry out electrical inspection and testing work, with electrical installation as an added service. At the peak of trading the Company operated with 54 staff, comprising of 40 engineers carrying out the testing for the customers. The additional 14 staff, inclusive of the directors, were office based and oversaw the day to day running of the business.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/02681048/filing-history/MzM1Mjc4NDI5OGFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/02681048

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.