Solent Composite Systems Limited (04053407): administration
- Status
- Administration ended
- Administration began
- 2019-01-24
- Administrators' firm
- Proudiey Associates
- Formerly
- Plastxportal.Com Limited
- Incorporated
- 2000-08-15
- Location
- Fareham
- Industry
- 22290 Manufacture of other plastic products
Why it went into administration
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Creditor pressure / legal action
- Property / lease costs
- Sustained trading losses
From the administrators' statement
The company was incorporated in 2004 and designed and manufactured products for wind turbine rotor blades, and fire and blast protection for the oil and gas industry.
In 2009, in order to assist cashflow, the company secured an overdraft facility with National Westminster Bank Plc who were granted a debenture by the company conferring fixed and floating charges over the assets of the company on 28th July 2009.
The original focus of the company was on wind turbine rotor blade moulds. In 2015 the focus moved to oil and gas projects, this resulted in the company relocating to smaller premises. This afforded the company an opportunity to work in a brand new purpose made manufacturing facility.
Administrators' statement of proposals (2019-03-27) · Companies House register