PSM Realisations Limited (02748787): administration
- Status
- Administration ended
- Administration began
- 2013-08-12
- Administrators
- Martin T Coyne, Andrew Turpin
- Administrators' firm
- Quantuma
- Formerly
- Press & Shear Machinery Limited; Accurate Task Limited
- Incorporated
- 1992-09-18
- Location
- Birmingham
- Industry
- 33200 Installation of industrial machinery and equipment
Why it went into administration
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- Creditor pressure / legal action
From the administrators' statement
The Company had been supplying machines and spares to the sheet metal industry since the 1960s It supplied punch presses, lasers, press brakes and fully automated manufacturing centres and had established its reputation in the market place as a market leader
In more recent times, the Company’s reputation had been strong and the business developed robust tiles with a Finnish machine supplier, Finn-Power The Company was the sole UK agent for the supply, installation and maintenance of these machines This relationship helped grow the business over a period of some eighteen years until approximately five years ago when the business of Finn-Power was sold
The acquiring business already had an established UK sale and maintenance operation and, as a consequence, the Company was given three months’ notice to terminate its Agency which resulted tn an almost immediate loss of 45% of its turnover
Administrators' statement of proposals (2013-10-08) · Companies House register