Ramp Industries Limited (02859030): administration
- Status
- Administration ended
- Administration began
- 2016-06-06
- Administrators' firm
- Menzies
- Formerly
- Ramp Precision Engineering Limited
- Incorporated
- 1993-10-04
- Location
- Cardiff
- Industry
- 28990 Manufacture of other special-purpose machinery n.e.c.
Why it went into administration
- HMRC / tax arrears
- Property / lease costs
- Cash flow / liquidity pressure
From the administrators' statement
Ramp Industries Limited (“the company”) was established in 1990 and initially traded as a precision machine shop Over the years through significant investment and diversification, the company began operating as a manufacturer of Ground Support Equipment (“GSE”) for the aerospace and defence markets The company operated from leasehold premises in Yeovil and employed 25 members of staff
The company was formed on the back of work from Westland Helicopters (“Westiand”), also known as AgustaWestland, AW, Finmeccanica and now called Leonardo Helicopters The company was located as one of the closest suppliers to Westland and in the ten year period from 2003 to 2013 averaged an annual turnover from them of £1.6m During this period the best performing year yielded turnover of £2 2m and the worst £1 2m The need to diversify was always recognised and for this reason the company developed relationships with new customers of an equivalent profile such as Thales, Boeing, Cobham and Amsafe It also developed its own paint facility with entirely new customers and new services
Over recent years the orders received from Westland became more random and less predictable. In 2014 orders were received of just over £1m which was 20% down on the worst year recorded but worse was to follow An analysis of the company’s weekly mechanical orders over a 12 month period up to April 2016 indicated that in the first quarter of the 2015 financial year, orders of only £90,859 were received from an already depleted order book This equated to an annual turnover of £380k or 32% of the previously worst year ever recorded
Administrators' statement of proposals (2016-06-23) · Companies House register