Price Technical Limited (03606362): administration
- Status
- Administration ended
- Administration began
- 2018-08-01
- Administrators
- Adam Harris, Timothy Colin Hamilton Ball
- Administrators' firm
- Mazars
- Formerly
- Mystical Technology Limited
- Incorporated
- 1998-07-29
- Location
- Bristol
- Industry
- 27900 Manufacture of other electrical equipment
Why it went into administration
- Cash flow / liquidity pressure
- Rising costs / inflation
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- Sustained trading losses
- Brexit
From the administrators' statement
The Company was formed in September 1997 by Mr Stephen Price, at which time the main business purpose was the sale of air distribution products into the commercial construction industry. The Company commenced trading from Mr Price’s home, prior to expanding into office premises in central Clevedon, and taking on additional staff members to deal with the Company’s growing trade.
In approximately 2005, Mr Price decided to start manufacturing these products, which required the Company to find a suitable premises. Mr Price sold the office premises in Clevedon to fund the purchase of the Company’s trading premises at Unit | at Smiths Forge Industrial Estate, as well as equipment for the purposes of manufacturing. The premises were acquired by the Self Invested Pension Plan (“SIPP”’) of Mr Price and not the Company itself.
The SIPP purchased a second unit on the estate in 2007 in order to allow the manufacturing business to expand, during a period when the Company was generating healthy annual profits. The Company continued to trade profitably for a number of years, after which the Company expanded into two further units, within the Smiths’ Forge Industrial Estate.
Administrators' statement of proposals (2018-10-05) · Companies House register