Rimor Limited (02987112): administration
- Status
- Administration ended
- Administration began
- 2017-03-30
- Administrators
- Richard Michael Hawes, Daniel Francis Butters
- Administrators' firm
- Deloitte
- Formerly
- Rimor Holdings Limited; Silverall Limited
- Incorporated
- 1994-11-04
- Location
- Birmingham
- Industry
- 25620 Machining
Why it went into administration
- Cash flow / liquidity pressure
- Sustained trading losses
- Funding withdrawn / unable to refinance
From the administrators' statement
Following the MBO, the Companies suffered a period of difficult trading as a consequence of the decline in the Oil & Gas market. This resulted in revenue declining from c. £18m in FY13 to c. £4m in FY16.
The Companies’ management attempted to implement a solvent turnaround plan based on reducing the operating cost base and diversifying sales across new products and new customers operating in Aerospace, Defence, Nuclear and Industrial sectors.
The turnaround did not achieve results as quickly or as significantly as was hoped which Jed to short term liquidity pressures and a breach of the lenders’ minimum cash covenant.
Administrators' statement of proposals (2017-05-25) · Companies House register