Cussons Technology Limited (04271888): administration
- Status
- Administration ended
- Administration began
- 2019-10-17
- Administrators
- Patrick Alexander Lannagan, Conrad Alexander Pearson
- Administrators' firm
- Mazars
- Formerly
- Inhoco 2384 Limited
- Incorporated
- 2001-08-16
- Location
- Manchester
- Industry
- 26511 Manufacture of electronic measuring, testing etc. equipment, not for industrial process control
Why it went into administration
- Funding withdrawn / unable to refinance
- Property / lease costs
- Sustained trading losses
From the administrators' statement
The Company was incorporated in August 2001 by Ronald Cowley, Stephen Curtis and Julius Idaewor (“the Members”), The business is long established having been founded in 1876 and has traded from the current leased premises in Manchester since incorporation. The property was previously owned by Ronald Cowley, but is now owned by a third party with the current 10 year lease being entered into on 29 March 2017 (subject to a break clause in 2022).
The business has been through a number of changes in ownership with the Members involved in buy-outs in both 1987 and also in 2001 (following the insolvency of the business which was at the time part of the Trident Group).
Funding in 2001 was variously provided by the Members with £200k of share capital introduced. In addition, £140k was provided by Mr Cowley in relation to preference shares.
Administrators' statement of proposals (2019-12-18) · Companies House register