Peratech Limited (03440348): administration
- Status
- Administration ended
- Administration began
- 2014-01-22
- Administrators' firm
- Deloitte
- Formerly
- Tipglaze Limited
- Incorporated
- 1997-09-26
- Location
- Leeds
- Industry
- 26110 Manufacture of electronic components
Why it went into administration
- Loss of a key customer, supplier or contract
From the administrators' statement
Historically the Company had a narrow customer base, generating revenue from a small number of fixed term contracts with global, blue chip companies With the Company's cost base being primarily fixed, the Company had always been vulnerable to an unexpected loss of a major customer
Throughout FY13 and FY14, Peratech’s primary source of income came from a single development license agreement which expired in October 2013 The Company entered into negotiations to renew this contract, managing to secure a 3 month extension until January 2014, when it was expected that a new development and manufacturing license would be agreed
However, a renewal could not be agreed, severely impacting the Company's cash flows and tts ability to settle liabilities due to the Secured Creditors
Administrators' statement of proposals (2014-03-20) · Companies House register