Power Mechanical Limited (03284513): administration
- Status
- Administration ended
- Administration began
- 2019-12-17
- Administrators' firm
- Mazars
- Formerly
- 126 Quarry Street Limited
- Incorporated
- 1996-11-27
- Location
- Manchester
- Industry
- 46180 Agents specialised in the sale of other particular products
Why it went into administration
- Loss of a key customer, supplier or contract
- Competition / price pressure
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 27 November 1996 (prior to which the business was traded as a sole enterprise by Paolo Moretti following its inception in October 1992).
The Company was established as an engineering services business, trading from premises in Warrington, Manchester and later becoming, in 1997, the sole agent and distributor for the complete range of Biffi Italia SRL (‘Biffi’) valve actuation products for the United Kingdom, subsequently gaining a number of key blue chip customer approvals.
Around this time, the Company approached Natwest Bank Pic (‘Natwest’) who provided the Company with an overdraft in the sum of £250k, secured against the Company’s assets by way of a fixed and floating charge, which the Company utilised in addition to a credit facility of circa €lm provided by Biffi. Due to the nature of the business and the production process, the Company relied heavily upon these facilities to fund its working capital requirements.
Administrators' statement of proposals (2020-02-13) · Companies House register