Orwelco (Barrow) Limited (03334443): administration
- Status
- Administration ended
- Administration began
- 2011-11-09
- Administrators
- Richard Ian Williamson
- Administrators' firm
- Blend Accountants
- Incorporated
- 1997-03-17
- Location
- Blackpool
- Industry
- 2852
Why it went into administration
- Sustained trading losses
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated on 17" March 1997, operating as an engineering company specialising in welding, machining, sheet metalwork, surface flaw crack detection N D T and fabrication
Inttally, the business was successful but experienced a noticeable decline in turnover in 2010 This decline in trade continued into 2011 with no sign of the situation improving In an attempt to stabilise the Company and help tt continue through this difficult trading period, an associated Company, Waites Pressings Limited (‘Waites’), heavily subsidised the Company by injecting revenue to help cover trading costs
Trade continued to decline and Waites were unable to continue subsidising the Company Given the level of habilites and the current turnover it became apparent that the Company was unable to pay its debts as and when they became due The directors initially sought advice from Campbell, Crossley and Davis on 21st October 2011 and our first meeting with the directors took place on 28" October 2011 At this meetng, all aspects of the Company's financial situation were considered and it was decided that the Company be placed into Administration
Administrators' statement of proposals (2012-01-09) · Companies House register