Whiteley Read Engineering Limited (04192614): administration
- Status
- Administration ended
- Administration began
- 2016-10-07
- Administrators' firm
- Begbies Traynor
- Formerly
- Kestral Construction Limited
- Incorporated
- 2001-04-03
- Location
- Sheffield
- Industry
- 25290 Manufacture of other tanks, reservoirs and containers of metal
Why it went into administration
- Cash flow / liquidity pressure
- Sustained trading losses
- Weak consumer demand
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- Creditor pressure / legal action
From the administrators' statement
The Company ts a long established UK fabricator which has specialised in the manufacture of large pressure vessels and process plant since 1937, predominantly supplying a global blue-chip client base within the oil/gas industry The Company was incorporated in April 2001 to acquire the business and its assets through a management buyout arising as a result of the previous entity entering into Administrative Recetvership
The previous Administrative Receivership was undertaken by The P&A Partnership Both Joanne Lourse Hammond and Gareth David Rusling worked for The P&A Partnership, however neither had any involvement in the Administrative Receivership or the sale of the business and its assets to the Company This information is being provided in the interest of transparency and we are confident that no conflict of interest exists
The Company traded successfully and profitably until 2013/14, when the downtown in the oil/gas industry resulting from the collapse in oil prices caused a marked reduction in demand for the Company's products
Administrators' statement of proposals (2016-11-23) · Companies House register