Citadel Security Products Limited (03225889): administration
- Status
- Administration ended
- Administration began
- 2017-02-07
- Administrators
- Graham Stuart Wolloff, Nigel Price
- Administrators' firm
- Begbies Traynor
- Formerly
- Libraglade Limited
- Incorporated
- 1996-07-17
- Location
- Loughborough
- Industry
- 25990 Manufacture of other fabricated metal products n.e.c.
Why it went into administration
- Creditor pressure / legal action
- Loss of key people
- Competition / price pressure
From the administrators' statement
The Company was incorporated in 1996 and principally traded as a manufacturer and installer of metal fencing products. The current premises at Halesfield 4 in Telford were rented from one of the Company's controling shareholder, David Madders. David Madders has other business interests in complementary industries, including handrails and electric gates. In addition, he is the director of Citadel International Security Services Ltd; which was one of the Company's principal customers for contracts obtained overseas where the production was sub-contracted to the Company.
In recent years, despite a fall in turnover from £6.6M in 2013 to £5.3M in 2015, the position teported in the published accounts remained stable with an accrued profit & loss account of over £1.1M at the end of 2015. It appears that, during this period, additional financial support was provided by David Madders and/or companies connected to him. This inctuded the purchase of the Company's principal items of plant and machinery.
At the end of 2015, the former managing director left the Company and three new directors were appointed shortly afterwards; including a director responsible for contracting installations, a new Managing Director and one who was the Group Managing Director to include directorships on one or more of David Madders’ other companies.
Administrators' statement of proposals (2017-04-13) · Companies House register