Aftech Limited (04321599): administration
- Status
- In administration
- Administration began
- 2025-03-21
- Administrators
- Gareth Howarth
- Administrators' firm
- Path Business Recovery
- Incorporated
- 2001-11-13
- Location
- Manchester
- Industry
- 25110 Manufacture of metal structures and parts of structures
Why it went into administration
- Loss of a key customer, supplier or contract
From the administrators' statement
In March 2024, Darren Taylor resigned, and David Callister took over as the new director. Initially, Mr Callister also believed the company was performing well, as the account teams continued to report positive figures. However, in Q1 2024, the company unexpectedly lost some key customers, resulting in a dramatic 30% drop in turnover.
Despite the significant loss in the Company's client base management failed to communicate these issues with the Director, which delayed the response. The financial problems were first noticed through discrepancies in the bank account, but upon conducting macro bank reviews these loses were temporarily covered by factors funding. In May 2024 Mr Callister conducted a thorough review of the Company’s assets and liabilities and concluded that the business was no longer profitable.
Inresponse to the difficulties, the directors took proactive measures to assist the management team. He attempted to help the team find new clients and improve sales, and also funded the redesign of the Company’s website to generate more business and help the Company recover. However, the management team upon light of these issues, left the Company. The director with the decrease in turnover and loss of important staff deemed the Company was no longer able to trade as a going concern and subsequently sought the advise of an Insolvency Practitioner.
Administrators' statement of proposals (2025-06-06) · Companies House register