G.M.S. Thermal Realisations Limited (03158438): administration
- Status
- Administration ended
- Administration began
- 2018-02-12
- Administrators
- Lee Van Lockwood, Jonathan Paul Philmore
- Administrators' firm
- Begbies Traynor
- Formerly
- G.M.S Thermal Products Limited; Brightside Services Limited
- Incorporated
- 1996-02-14
- Location
- Huddersfield
- Industry
- 25620 Machining
Why it went into administration
- Sustained trading losses
- Cash flow / liquidity pressure
- Competition / price pressure
From the administrators' statement
The Company was incorporated in February 1996 by Garry Ashmore. He was joined in 1997 by Steven Rawlings and Michael Ward. All three have a background in engineering design and fabrication. The Company began modestly but grew to be a leading supplier of commercial and industrial water heating products for building services and process industries worldwide.
Unaudited draft accounts show net profit of £274k in the year to 31 March 2016, based upon turnover of £3.7m. The accounts also show a reduction in turnover of £450k to £3.3m in the year to 31 March 2017. Net profit also reduced; by £149k to £125k.
The Company's financial systems also show turnover for the ten months to 29 January 2018 to be £1.9m with a net loss in that period of £88k.
Administrators' statement of proposals (2018-04-06) · Companies House register