SAB Manufacturing Ltd (04672950): administration
- Status
- Administration ended
- Administration began
- 2011-07-12
- Administrators
- Christopher Nigel Mckay, Andrew Mctear
- Administrators' firm
- FRP Advisory
- Formerly
- Swaine Adeney Brigg Limited; Meaujo (622) Limited
- Incorporated
- 2003-02-20
- Location
- Norwich
- Industry
- 1920
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
- Property / lease costs
From the administrators' statement
SAB Manufacturing Limited was originally incorporated as Meaujo (622) Limited on 20 February 2003 changing its name on 28 August 2003 to Swaine Adeney Brigg Limited It then changed it's name again to SAB Manufacturing Limited on 26 May 2011
The R Gawn 2007 Family Trust purchased (via Swaine & Co (London) Limited) the entire share capital of Swaine Adeney Brigg Limited on 4 December 2009 from Waterlinks Investments Limited, who had owned the Company for several years During that period the Company had lost money and had accumulated a liability to its parent of approximately £25 milion Losses of around £500,000 per annum had occurred in recent years
Prior to the sale of the Company Waterlinks reduced their loan by write off to a sum that enabled the Company to generate a positive balance sheet of £1 The loan then became approximately £970k It was agreed wa a Purchase Agreement that the Company would repay the loan over 4 years with Roger Gawn (‘R Gawn’) paying the first payment of £50,000 The following quarterly payments were approximately £54,000 R Gawn guaranteed the initial payments by the Company to a total of £250,000 This guarantee was protected by a debenture on the Company behind the first debenture held by Barclays Bank Plc Waterlinks then held a third debenture to protect the balance of the loan owing to them
Administrators' statement of proposals (2011-09-07) · Companies House register