Jena TEC Precision Limited (02760232): administration
- Status
- Administration ended
- Administration began
- 2019-09-17
- Administrators' firm
- BM Advisory
- Formerly
- Kuroda Jena TEC UK Limited; Jena Rotary Technology Limited
- Incorporated
- 1992-10-29
- Location
- London
- Industry
- 28150 Manufacture of bearings, gears, gearing and driving elements
Why it went into administration
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 29 October 1992 on behalf of S & D Lawrence, with the purpose of manufacturing machine tool spindles. Originally set up as Jena Rotary Technology Ltd, the business later became Kuroda Jena Tec Ltd and has used the trade names: Boneham & Turner, Moss Machine Tools and Kuroda Jena Tec. The trading premises have always been at Unit C2, Willow Drive, Annesley, which are leased premises. The premises were subject to a lease guarantee by the former tenant, Kuroda Holdings Ltd, who were liable for all costs and dilapidations up to the next break, which falls in March 2022. It is estimated that vacating the premises would create a liability of c.£400,000,
The principal activities of the Company were the design and manufacture of specialist rotating equipment, such as spindles, largely for the machine tool industry. The Company also supplied linear technology such as actuators and ballscrews, The business also specialised in the “all makes” repair of spindles and linear products.
The Company was acquired by Vinco Engineering Ltd, a company which is wholly owned by the sole director, John C Truman (“the Director”), from Kuroda Holdings Limited, in 2018, and the transaction was funded by him personally. The business utilised an Invoice Discounting facility from HSBC Invoice Finance Ltd (‘HSBCIF”), to assist in cash flow. The purchase involved a sum on completion and a deferred element which incorporated staged payments.
Administrators' statement of proposals (2019-11-14) · Companies House register