Brettex Engineering Limited (04590502): administration
- Status
- Administration ended
- Administration began
- 2011-07-01
- Administrators
- Dean Anthony Nelson
- Administrators' firm
- Smith Cooper
- Incorporated
- 2002-11-14
- Location
- Derby
- Industry
- 2852
Why it went into administration
- HMRC / tax arrears
- Sustained trading losses
- Cash flow / liquidity pressure
- Competition / price pressure
- Rising costs / inflation
- Funding withdrawn / unable to refinance
From the administrators' statement
Brettex Engineering Limited (“Brettex“} was incorporated on 14 November 2002. David Jennings became the sole director on 16 March 2009 having completed a management buyout with an element of the consideration being deferred. To complete the buyout a holding company (Strutt Holdings Limited) was Incorporated of which David Jennings is the sole shareholder To achieve the necessary funding required the director raised invoice finance by discounting the company’s debtor book with Royal Bank of Scotland Invoice Finance ("RBSIF”) and invested personal funds
The Company operated out of a leasehold factory at Unit 1, Raynesway Park Industral Estate, Derby DE21 7BH, employing 32 members of staff offering both specialist fabrication manufacturing services and mechanical and electrical installation and maintenance services.
A review of the Company’s unaudited financial accounts indicates that the Company had been making trading profits up until the period ending 31 January 2010. However due to the economic recession, the Company has experlenced a reduction in turnover, increased costs and increased pressure on the Company’s working capital requirements and has suffered losses. This is evidenced from the unaudited management accounts for the period ending 22 June 2011, which indicates that the Company made a loss of circa £114k, however the Company stil retained net assets of £103k
Administrators' statement of proposals (2011-07-19) · Companies House register