Turbo Systems Limited (04767575): administration
- Status
- Administration ended
- Administration began
- 2023-04-26
- Formerly
- Speed 9646 Limited
- Incorporated
- 2003-05-16
- Location
- Lowgate
- Industry
- 28930 Manufacture of machinery for food, beverage and tobacco processing
Why it went into administration
- HMRC / tax arrears
- Sustained trading losses
From the administrators' statement
Creditors should note that, unless otherwise stated, this section of my proposals has been prepared based on information provided to me by the directors of the Company and not from my personal knowledge as Administrator.
The Company was formed in 2003 and designed, made and repaired food machinery equipment for food manufacturers both in the UK and overseas.
The Company entered a number of contracts that due to delays and machine performance issues became loss making and this caused cash flow issues for the Company. The Directors explored several options to resolve its issues and to bring in additional cash including seeking a sale in early 2023. The Directors received a tentative offer for the shares, however this offer did not progress.
Administrators' statement of proposals (2023-05-20) · Companies House register