Sirane Limited (04506513): administration
- Status
- In administration
- Administration began
- 2024-07-15
- Administrators
- Christopher Robert Pole, Ryan Kevin Grant
- Administrators' firm
- Interpath Advisory
- Incorporated
- 2002-08-08
- Location
- Birmingham
- Industry
- 17290 Manufacture of other articles of paper and paperboard n.e.c.
Why it went into administration
- Rising costs / inflation
- Energy costs
- Supply chain disruption
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
As noted above, the Company began experiencing significant financial stress in 2022 due to a multitude of factors. The global increase in raw material costs had a direct impact on the Company's production expenses. Simultaneously, energy prices surged, further inflating operational costs. In addition, supply chain constraints caused delays and increased costs for essential materials and components.
As a result of the above, on 18 October 2023 Interpath were engaged jointly by HSBC and the Company to undertake a review of the Company’s short term cash flow forecast. On 6 December 2023, Interpath were also engaged to perform weekly cash monitoring and reporting to the Bank.
Due to the ongoing cash pressures experienced by the Company, on 3 June 2024 Interpath were engaged to review of the Company’s strategic options, which included the launch of an Early Options process. Interpath were also engaged to prepare an estimated outcome
Administrators' statement of proposals (2024-08-29) · Companies House register