TRS Engineering Laser Limited (04196476): administration
- Status
- Administration ended
- Administration began
- 2018-06-05
- Administrators
- Gareth Prince, Joanne Louise Hammond, Gareth David Rusling
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2001-04-09
- Location
- Sheffield
- Industry
- 25620 Machining
Why it went into administration
- HMRC / tax arrears
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Competition / price pressure
From the administrators' statement
Over recent years, the primary focus of the business has been the research and development of a hydroforming press which operated within Units 2 and 3 Saddlers Court.
The development of this innovative machinery was funded via capital injections from the director personally and a combination of secured loans and development grants from Finance Birmingham (a division of Birmingham City Council).
The funds introduced by Finance Birmingham were paid to TRS and a fixed and floating charge debenture was granted over its assets as security. Eiderworth and Elderworth Properties provided cross guarantees in respect of TRS’s indebtedness to Finance Birmingham which are also secured by fixed and floating charge debentures.
Administrators' statement of proposals (2019-07-16) · Companies House register