Fuel Mechanics Limited (03015541): administration
- Status
- Administration ended
- Administration began
- 2021-01-20
- Formerly
- Permitcharm Limited
- Incorporated
- 1995-01-30
- Location
- Tansley
- Industry
- 28110 Manufacture of engines and turbines, except aircraft, vehicle and cycle engines
Why it went into administration
- COVID-19
- Cash flow / liquidity pressure
- Loss of a key customer, supplier or contract
- Sustained trading losses
From the administrators' statement
Creditors should note that, unless otherwise stated, this section of my proposals has been prepared based on information provided to me by the directors of the Company and not from my personal knowledge as Administrator.
The company was incorporated on 30 January 1995 and started to trade from this time within the fue! injection services sector. The company was originally started as a partnership with Turbo Service International and they funded the start-up. Their shareholding was then sold to Fluid Mechanics Inc in the USA; and in around 2004 the Director purchased their shareholding to obtain a 100% shareholding. The Director transferred 50% of the shares to his wife.
The company traded profitably although the Director advises that it always had a cashflow problem especially after 2006 when the company lost a major client (which generated a £12m/year turnover).
Administrators' statement of proposals (2021-03-19) · Companies House register