Farrellys Metal Polishers Limited (04569768): administration
- Status
- Administration ended
- Administration began
- 2023-11-15
- Administrators
- Craig Povey, Richard Howard Toone
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2002-10-22
- Location
- Birmingham
- Industry
- 25610 Treatment and coating of metals
Why it went into administration
- Creditor pressure / legal action
- COVID-19
- Property / lease costs
- Sustained trading losses
- Cash flow / liquidity pressure
- Brexit
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 22 October 2002, set up by four brothers as a small family business operating as a commercial metal polisher, predominantly servicing the steel industry.
In recent years, the children of two of the four founding brothers have had an active involvement in the management of the Company, and were appointed as Company directors in July 2023.
The Company has regularly achieved sales between £1.0m and £1.2m per annum. However, the Company has been loss-making for a number of years, with estimated reporting losses of £122k and £97k in FY22 and FY23 respectively. As at the date of the appointment of the Administrators, the Company employed 21 staff (including the Directors).
Administrators' statement of proposals (2024-01-08) · Companies House register