Indoor Climate Systems (UK) Limited (04615732): administration
- Status
- Administration ended
- Administration began
- 2024-10-28
- Administrators
- Franklyn Ofonagoro, Trevor John Binyon
- Administrators' firm
- Opus Restructuring
- Formerly
- Warwick Road Limited; Indoor Climate Systems (UK) Limited
- Incorporated
- 2002-12-12
- Location
- Milton Keynes
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Loss of a key customer, supplier or contract
- Bad debts / customer insolvency
From the administrators' statement
Following the above mentioned loss from the Southampton project, the Company found itself facing a funding shortfall and liquidity crisis. In order to address this, the Company sought to agree payments plans with suppliers in order to alleviate pressure on cash.
To further compound the Company’s financial strain, in July and August 2024, a number of contractual issues arose on two specific projects which significantly impacted the Company’s cashflow.
Payments were frequently delayed, often without any clear indication of when they would be made, making it difficult for the Company to plan payments to its suppliers. Consequently, promised payments to suppliers, from the anticipated funds generated by these projects, were not made, which caused the Company’s suppliers to start to lose trust in the Company as a reliable trading counter-party.
Administrators' statement of proposals (2024-12-23) · Companies House register