Britspace Modular Buildings Limited (04503758): administration
- Status
- Administration ended
- Administration began
- 2011-08-15
- Administrators
- David Thornhill, Geoffrey Paul Rowley
- Administrators' firm
- FRP Advisory
- Formerly
- G B Industries Ltd; Horncastle Industries Limited; Almeron Limited
- Incorporated
- 2002-08-05
- Location
- Manchester
- Industry
- 2811
Why it went into administration
- Loss of a key customer, supplier or contract
- Creditor pressure / legal action
- Sustained trading losses
- Loss of key people
- Weather / natural events
From the administrators' statement
The Company was incorporated on 5 August 2002 following a restructuring of the GB Industries group It traded from that date in the off-site design, manufacture and subsequent installation of relocatable and modular structural buildings and later developed expertise in the design, manufacture and installation of specialist, non-structural room “pods”, for use in a variety of different building types, including hotels, residential and retail outlets
The Company traded successfully for a number of years with the benefit of venture capital support from NVM which was the major shareholder in the Britspace group of companies and provided funding facilities to group companies Whilst the Company made profits and generated cash it was subject to joint banking facilities with other group companies and supported losses made elsewhere in the group, particularly Gateway Chassis, Gateway Pods and Ultra Secure Products. In 2006 the Gateway Pods business was transferred within the group to come under the control of the Britspace management team Ultimately the Gateway Chassis business was sold and Ultra Secure Products Limited was placed into administration in July 2009.
This resulted in NVM deciding that a re-structure of the group was necessary and that re-structuring took place in late 2009, NVM wrote off a significant amount of debt in some group companies and capitalised debt in others, resulting in a much stronger balance sheet in Britspace. The group was advised throughout this process by tts auditor, PricewaterhouseCoopers, and its solicitors, Dickinson Dees. As a result of the re-structuring Britspace Modular Buildings Limited became the only trading company within the group and NVM provided further financtal support by guaranteeing the Company’s banking facilities with Lloyds Bank and providing performance and advance payment bonds to customers.
Administrators' statement of proposals (2011-10-11) · Companies House register