Mercury Panels Limited (03217369): administration
- Status
- Administration ended
- Administration began
- 2013-07-17
- Administrators' firm
- Harrisons Business Recovery and Insolvency
- Incorporated
- 1996-06-26
- Location
- Rotherwas
- Industry
- 22290 Manufacture of other plastic products
Why it went into administration
- Bad debts / customer insolvency
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Loss of a key customer, supplier or contract
- Competition / price pressure
From the administrators' statement
Prior to the incorporation of the Company, David Net! Morgan (DNM’) and his wife, Lestey Morgan (‘LM’), had many years’ experience in the glass and glazing industry. DNM and LM had run a Company which was then taken over by a third party. The third party, however, stopped trading after 1 year, leaving a number of customers with incomplete works
Since DNM had been unhappy being an employee and wished to return to running his own business, DMN and LM decided to trade the Company, which had been formed previously but was a dormant Company Trading commenced in 1998 and initially was mainly completion of the works and orders of the customers let down by the third party
The Company manufactured double glazed units and its main customer base was the PVC window industry As the Company began to build a reputation, new customers were forthcoming and the Company's turnover increased steadily, with the result that profits grew year on year The Company initially employed 2 members of staff, but this number increased over time to 17
Administrators' statement of proposals (2013-09-17) · Companies House register