Interflex Limited (04321837): administration
- Status
- Administration ended
- Administration began
- 2024-03-14
- Administrators
- Benjamin John Wiles, Louise Williams
- Administrators' firm
- Kroll
- Incorporated
- 2001-11-13
- Location
- London
- Industry
- 29320 Manufacture of other parts and accessories for motor vehicles
Why it went into administration
- COVID-19
- Supply chain disruption
- Rising costs / inflation
- Energy costs
- Cash flow / liquidity pressure
- Property / lease costs
- Sustained trading losses
- Regulatory change or action
- Rising interest rates
From the administrators' statement
A detailed summary of the background of the Company, as well as a summary of the events leading up to the appointment of the Joint Administrators, can be found in the SIP 16 Report enclosed at Appendix 13.
However, the main reason for the Company’s insolvency was the fall out of the coronavirus pandemic, which caused market disruption and supply shortages of semiconductors sourced from China. In addition, inflationary costs increased the Company’s cost base and further supply chain issues, and utility costs increased due to the war in Ukraine, resulting in a fall in revenues and the Company became loss making.
These losses, together with repayment of the CBILS and RLS loans, which had increased due to the increase of interest rates over the last 24 months, constrained the Company’s cashflow and working capital, resulting in it becoming insolvent on a cashflow basis.
Administrators' statement of proposals (2024-04-11) · Companies House register