Red Aluminium Limited (03235699): administration
- Status
- Administration ended
- Administration began
- 2013-11-11
- Administrators
- Daniel James Mark Smith, William Kenneth Dawson
- Administrators' firm
- Deloitte
- Formerly
- Novicesource Limited
- Incorporated
- 1996-08-08
- Location
- Manchester
- Industry
- 25120 Manufacture of doors and windows of metal
Why it went into administration
- Sustained trading losses
- Loss of a key customer, supplier or contract
From the administrators' statement
The Company had been through a challenging trading period in recent years due to difficult market conditions and a general slow-down in the number of construction projects being offered for tender
The business had begun to limit its trading losses and was in the process of restoring profitability Profitability was forecast for future months and the Company had a significant pipeline of work However the Company had minimal headroom in its bank overdraft facility, which was set at a combined limited of £3 95m across the Company and Architectural at the date of our appointment
Due to delays at a number of sites, cash flow deteriorated during October to the extent that rumours in the market led to increased uncertainty over the timing and quantum of receipts in Architectural, which funded the operational ability of Aluminium as the Company's main customer
Administrators' statement of proposals (2013-12-31) · Companies House register