TGE Realisations Limited (04585414): administration
- Status
- Administration ended
- Administration began
- 2016-09-25
- Administrators
- Andrew J Cordon, Richard Albert Brock Saville
- Administrators' firm
- CFS Restructuring
- Formerly
- T.G. Engineering Limited
- Incorporated
- 2002-11-08
- Location
- Nottingham
- Industry
- 71129 Other engineering activities
Why it went into administration
- Loss of a key customer, supplier or contract
- Credit insurance / supplier credit withdrawn
- Competition / price pressure
From the administrators' statement
The company was established in November 2002 and traded as a sub contract preciston engineering business spectalising in the supply of components to the aerospace industry and also to high level assembly compamntes in the semi-conductor industry In the early years, the company operated over a diverse spread of industry sectors, although from 2011 onwards has become increasingly dependent on the aerospace industry The aerospace industry itself, has in recent years, faced price pressures not only from fluctuations in oll prices, but also pressure from the ultimate end users, dnving prices down These price pressures have been passed on to the company, resulting in the company having to be more price competitive in order to retain recurring contracts
\n early 2015, one of the company’s major customers suffered a fire at their premises resulting in trade being postponed for a period, which further impacted the company’s turnover
The effect of the above points resulted in significant strain being placed on the company’s cash flow The directors felt that it would be difficult to continue trading without some form of protection from Its creditors. Accordingly, a meeting of creditors was convened for 16 June 2015, at which the company’s proposals for a Company Voluntary Arrangement (“CVA”) were presented The CVA proposal was approved with Mr T Evans of CVR Global LLP being appointed as Supervisor
Administrators' statement of proposals (2016-10-18) · Companies House register