Conair (UK) Limited (04212959): administration
- Status
- Administration ended
- Administration began
- 2023-03-10
- Administrators
- Christopher Newell, Nicholas Simmonds
- Administrators' firm
- Quantuma
- Incorporated
- 2001-05-09
- Location
- Watford
- Industry
- 43220 Plumbing, heat and air-conditioning installation
Why it went into administration
- Bad debts / customer insolvency
From the administrators' statement
Quantuma Advisory Limited were first approached by the Company on 8 February 2023 and were subsequently formally instructed, via engagement letter, on 21 February 2023 to assist with the Administration process. A Notice of Intention to Appoint an Administrator was filed at Court on 27 February 2023 and discussions were held with the Company’s Secured Creditors.
It was initially envisaged that a period of marketing would be entered into, to establish whether a Purchaser could be identified for the Company’s business and assets, which included work in progress. Unfortunately, before this was fully commenced, subcontractors working on a number of on-going projects pulled off Sites due to non-payment and the position became untenable. It quickly became apparent that the value of any work in progress/on-going contracts had diminished and the Company quickly took action to preserve and collect the outstanding debtors.
A brief period of external marketing was undertaken on IPBid.com and discussions were held with both the directors and former directors to establish whether either were interested in acquiring the business and assets. No parties were identified and therefore steps were taken to place the Company into Administration.
Administrators' statement of proposals (2023-05-15) · Companies House register