Vector Precision Engineering Limited (04242361): administration
- Status
- Administration ended
- Administration began
- 2023-08-08
- Administrators' firm
- Leonard Curtis
- Incorporated
- 2001-06-27
- Location
- Bristol
- Industry
- 28990 Manufacture of other special-purpose machinery n.e.c.
Why it went into administration
- COVID-19
- HMRC / tax arrears
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 27 June 2001 and operated as a precision engineering business providing services from design through to manufacture, predominantly specialising in components for the automotive, defence, food processing and oil and gas sectors.
The Company developed a good customer base, especially in the local Staffordshire and Cheshire areas over the subsequent years, and was generally profitable.
In December 2019, the Company was acquired by Cre8 Network Investments Limited and new directors were appointed. The Company was subsequently relocated to new leasehold trading premises near Newcastle-under-Lyme and additional CNC machinery was acquired on hire purchase finance with a view to scaling-up the business. The Company also took out some unsecured loans for further capital investment.
Administrators' statement of proposals (2023-09-22) · Companies House register