KSR Electronic Systems Limited (03648720): administration
- Status
- Administration ended
- Administration began
- 2020-01-27
- Administrators' firm
- EY
- Formerly
- Electronic Motion Systems UK Limited; Vishay Electronic Motion Systems UK Limited; International Rectifier Electronic Motion Systems Limited
- Incorporated
- 1998-10-07
- Location
- Bristol
- Industry
- 26110 Manufacture of electronic components
Why it went into administration
- Funding withdrawn / unable to refinance
- Loss of a key customer, supplier or contract
From the administrators' statement
In August 2019, a US-based corporate finance advisory firm (with a particular automotive sector focus) was engaged to perform a market testing exercise to explore whether a sale of the Company could be achieved. However, we understand this resulted in no viable interest for the business.
In December 2019, in light of the ongoing financial under-performance of the Company and a challenging market outlook for the automotive sector, the Parent informed the Company that no further funding would be forthcoming.
Ernst & Young LLP was introduced to the Company by DLA Piper LLP on 9 December 2019 (the Group is a client of DLA Piper LLP). EY was subsequently engaged on 27 December 2019 by the Company to undertake the following work:
Administrators' statement of proposals (2020-04-03) · Companies House register