Watson Electrical Limited (03387148): administration
- Status
- Administration ended
- Administration began
- 2014-02-14
- Administrators' firm
- Begbies Traynor
- Formerly
- Brengain Limited
- Incorporated
- 1997-06-16
- Location
- Exeter
- Industry
- 43210 Electrical installation
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Loss of a key customer, supplier or contract
- Bad debts / customer insolvency
From the administrators' statement
The Company was incorporated on 16 June 1997 following an acquisition from the previous owner Mr Paul Burgess and Mr Raymond Coppin, qualified electncians with previous management experience, were appointed as directors A third individual, Mr Neil Relph, was also appointed director, and all three individuals were equal shareholders The acquisition was funded by a small firms business loan of £65,000 arranged through Lloyds Bank At this time the turnover was approximately £450,000 per annum
The Company traded successfully and business contacts grew in size Turnover peaked in 2007 at approximately £1 2 milion The monies borrowed from Lloyds Bank were repaid
In 2006 the Company purchased Mr Relph's shareholding This was funded with a business loan of £100,000 provided by HSBC Bank HSBC also provided an overdraft facility of £125,000, and personal guarantees were provided to HSBC Bank by Mr Burgess and Mr Coppin These were supported by charges over property owned personally by the directors
Administrators' statement of proposals (2014-03-18) · Companies House register