Lost WAX Castings Limited (03891264): administration
- Status
- Administration ended
- Administration began
- 2015-01-28
- Incorporated
- 1999-12-09
- Location
- Ilford
- Industry
- 46140 Agents involved in the sale of machinery, industrial equipment, ships and aircraft
Why it went into administration
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
The company was incorporated in December 1999 with its principal business actmwity being the casting of engineernng products using the lost wax method The business utilised the knowledge of Mr Mark Wilson in the foundry, casting, machining and stamping processes combined with his knowledge and contact foundries in Taiwan and China. As the company’s reputation spread, it was successful in obtaining work from a number of nationally known engineenng firms including SPX Rail Systems and Ratcliff Palfinger
Unfortunately over the last two years the company's gross margins have been in decline, with the consequent reduction in profitability Profits were also hit by a large fine from a customer regarding delivery issues In additon, negotiations over the renewal of supply contracts with customers took far longer than envisaged Finally, in attempting to source other overseas customers, the company incurred substantial management tune which could not be recovered
Mr Wilson attnbutes the following factors to the company's financial difficulties. « Significant reduction in gross profit margins, increased competition driving pnces down,
Administrators' statement of proposals (2015-03-24) · Companies House register