Stsml Realisations Ltd (03100755): administration
- Status
- Administration ended
- Administration began
- 2015-09-09
- Administrators
- Julie Anne Palmer, Sally Richards
- Administrators' firm
- Begbies Traynor
- Formerly
- STS Motors Ltd; STS Switchgear.Motors Limited; STS Electric Motors Limited; Herofield Engineering Limited
- Incorporated
- 1995-09-11
- Location
- Salisbury
- Industry
- 29310 Manufacture of electrical and electronic equipment for motor vehicles and their engines
Why it went into administration
- Loss-making contracts / project overruns
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Creditor pressure / legal action
- Loss of a key customer, supplier or contract
- Property / lease costs
- Sustained trading losses
- Parent or group failure
From the administrators' statement
Prime Endeavour Ltd was formed in 2012 to purchase STS Motors Ltd and STS Switchgear Ltd from Key Technologies PLC +The Company was incorporated in 1995 to manufacture electric motors
Following acquisition, the Company was financed by a factoring agreement with Positive Cash Flow secured by a debenture of both companies In addition, the purchase of the Company from Key Technologies PLC had been undertaken on a deferred basis over 4 years, and this was secured by a debenture and chattel mortgage over each of the companies
In order to assist with cash flow, in March 2015, STS Switchgear Ltd negotiated the receipt of approximately £131k for retentions not due unti April 2017 and again in July 2015, STS Switchgear Ltd received £178k after negotiating with another customer for retentions not due until April 2017 These eased immediate cash flow pressures on the group However, the Company had been carrying the burden of a debt owed by EDF for almost two years, of approximately £77k, which had an impact on tts financial position
Administrators' statement of proposals (2015-11-03) · Companies House register