E-Tech Group Limited (04080287): administration
- Status
- Administration ended
- Administration began
- 2012-12-21
- Administrators
- James Joseph Bannon, Geoffrey Stuart Kinlan
- Administrators' firm
- BDO
- Incorporated
- 2000-09-28
- Location
- London
- Industry
- 27120 Manufacture of electricity distribution and control apparatus
Why it went into administration
- Sustained trading losses
- Credit insurance / supplier credit withdrawn
From the administrators' statement
21 The Company was incorporated on 28 September 2000, and traded from its premises at The E-Tech Centre, Boundary Road, Harfreys Industral Estate, Great Yarmouth, NR31 OLY. The Company operated across a number of divisions as an electnical contractor and distnbutor, specialising in the oil and gas, marine and petrochemical sectors
22 The Company was based nationwide, including sites in Peterborough, Southampton, Tyneside, South Shields as well as at its head offices in Great Yarmouth In addition, the Company had two active subsidianes in France and Ghana.
23 We were initially contacted by the Company in the second week of December 2012, due to concerns regarding the Company’s financial health. Despite the Company generating profits for the period 2007 to 2010, they experienced difficult trading conditions in 2011, resulting in a loss of £126k. Ths continued i 2012 and on 5 October 2012 the Company proposed a Company Voluntary Arrangement (“CVA”) which was accepted by creditors. The effect of the CVA was that many suppliers required payment by proforma. In addition, some of the creditors were also debtors of the Company and applied offset, which had a considerable effect on the Company’s cash flow.
Administrators' statement of proposals (2013-02-19) · Companies House register