Skipton Rubber Mouldings Limited (03059439): administration
- Status
- Administration ended
- Administration began
- 2022-01-19
- Administrators' firm
- Path Business Recovery
- Formerly
- Pennine Polymer Engineering Limited
- Incorporated
- 1995-05-22
- Location
- Manchester
- Industry
- 22190 Manufacture of other rubber products
Why it went into administration
- COVID-19
- Rising costs / inflation
- Supply chain disruption
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Sustained trading losses
- Loss of key people
- Competition / price pressure
From the administrators' statement
3.1 The business first began experiencing difficulties in March 2020, when the nationwide restrictions put in place following the Covid-19 outbreak led to a reduction in turnover. Despite this, the Directors were confident that once the effects of the pandemic subsided, the business would be able to return to
profitability.
Unfortunately, as trade continued into 2021, the ongoing lockdowns and global pandemic began.to have a significant detrimental effect on the business. The Director’s found that material lead times increased substantially, which had a knock-on effect on the business ability to complete contracts on time.
Administrators' statement of proposals (2022-02-18) · Companies House register