STS Switchgear Ltd (03193301): administration
- Status
- Administration ended
- Administration began
- 2015-09-09
- Administrators' firm
- Begbies Traynor
- Formerly
- STS Spectar Switchgear Limited; Tudorlarch Marketing Limited
- Incorporated
- 1996-05-01
- Location
- Salisbury
- Industry
- 27110 Manufacture of electric motors, generators and transformers
Why it went into administration
- Cash flow / liquidity pressure
- Loss-making contracts / project overruns
- 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 1996 to manufacture switchgear and motor control centres
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
The Company's business was project related which meant that cash could always be an issue from time to time In July 2014 cash flow problems were experienced but these resolved themselves by September 2014
Administrators' statement of proposals (2015-11-03) · Companies House register