AAC Mechanical & Electrical Limited (04650515): administration
- Status
- Administration ended
- Administration began
- 2016-09-08
- Formerly
- The Lighthouse (Electrical Engineers) Limited
- Incorporated
- 2003-01-28
- Location
- London
- Industry
- 43210 Electrical installation
Why it went into administration
- Sustained trading losses
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Bad debts / customer insolvency
From the administrators' statement
The business initially began trading as an Electrical Contractors in 1986 as a sole trader, under the name TAS Electrical (started by Terry Smsth ~ an experienced electrical contractor) and then as a partnership (Terry & Michelle Smith) The business was subsequently incorporated into a limited company on 28 January 2003 and re-named The Lighthouse (Electrical Engineers) Ltd
On 1 August 2011, the Company merged with three preferred sub-contract partners to form AAC Mechanical & Electrical Limited, and offered a complete mechanical and electrical ‘turnkey service under one roof The partners were all established and experienced companies with expertise in the fields of Air Conditioning and Ventilation (started by Gary Withers), Plumbing and Heating (started by Gary Withers and Nick Nation (who subsequently resigned on 21 December 2012)), Fire and Security (started by Terry Smith and Les Millard (who subsequently resigned on 31 July 2015)) together with all aspects of mechanical & electrical service and maintenance
Following the merger, the Company was funded by the cash balances held in all of the merged companies, together with a small bank overdraft of £20k Subsequently, in August 2015 a loan of £150k was secured from Olka Breeze (UK) Ltd (“‘Olka Breeze”), in order to provide additional cash flow Olka Breeze secured the funds via NatWest who, in turn, sought a debenture from the Company
Administrators' statement of proposals (2016-11-09) · Companies House register