# Lodent Precision Limited (04688043)

> Why UK company 04688043 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/04688043

- **Status:** Administration ended
- **Administration began:** 2022-10-14
- **Administrators:** David Paul Hudson, Arvindar Jit Singh
- **Administrators' firm:** FRP Advisory
- **Incorporated:** 2003-03-06
- **Location:** London
- **Industry:** 28490 Manufacture of other machine tools

## Why it went into administration

- Funding withdrawn / unable to refinance
- COVID-19
- Weak consumer demand
- HMRC / tax arrears
- Competition / price pressure

## From the administrators' statement

Lodent was established in March 2003 and was a metal work and tooling manufacturer located in Brownhills in the West Midlands. Lodent used a mixture of Milling and EDM machines to manufacture precision tooling to customers’ specification and was primarily a Tier 2 supplier in the automotive sector.

Lodent achieved turnover of £3.9m for the year ended 31 March 2019, with a profit for that financial year of £875k, per its unabbreviated accounts. Lodent was owned by the Vendors at that point in time, who engaged a corporate finance boutique to act on their behalf in finding a buyer for the company.

In August 2019, LP19 (formerly known as Beroskin Engineering Limited} acquired Lodent for approximately £2.1m from the Vendors. The acquisition was financed by two loans from Triple Point provided to LP19, an amortising facility and an interest only facility, which totalled approximately £1.5m. Triple Point’s indebtedness was secured by first ranking debenture security from LP19 and a guarantee from Lodent (which was also supported by first ranking debenture security).

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/04688043/filing-history/MzM2MTYxNjI3NmFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/04688043

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.