Think Aggregates & Recycling Ltd (03634516): administration
- Status
- Administration ended
- Administration began
- 2022-10-04
- Administrators
- David Robert Acland, Lila Thomas
- Administrators' firm
- FRP Advisory
- Formerly
- Able Skip Hire Limited
- Incorporated
- 1998-09-18
- Location
- Preston
- Industry
- 38110 Collection of non-hazardous waste
Why it went into administration
- Funding withdrawn / unable to refinance
- Competition / price pressure
- Creditor pressure / legal action
- Bad debts / customer insolvency
- Property / lease costs
- Management failings / irregularities
- Over-expansion / investment not recovered
From the administrators' statement
The Company was incorporated in 1998 and operated in the waste recycling industry from its principal trading premises at 13 Centurion Way, Centurion Industrial Estate, Leyland, PR25 4GU. Until January 2021 the Company operated under the control of the then ultimate beneficial owners B & C Johnstone.
The historic success of the business led to the Company being acquired by APK in January 2021 and forming part of a wider Group. The Group included a number of APK Group companies together with two further acquisitions, GTR and Al, which were acquired in November 2019 and March 2021 respectively.
The acquisition of the Company was financed via a combination of asset finance and confidential invoice discounting. An element of the purchase price was also agreed on deferred terms payable in monthly instalments.
Administrators' statement of proposals (2022-12-06) · Companies House register