Tuco Developments Limited (04832668): administration
- Status
- In administration
- Administration began
- 2026-01-30
- Administrators
- Nicola Elaine Layland, Stewart Goldsmith
- Administrators' firm
- Leonard Curtis
- Incorporated
- 2003-07-15
- Location
- Fareham
- Industry
- 25620 Machining
Why it went into administration
- HMRC / tax arrears
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Sustained trading losses
- COVID-19
- Weak consumer demand
From the administrators' statement
The business originally commenced trading in 1988 as a partnership, before Tuco Developments Limited was incorporated as a limited company on 15" July 2003, with the partnership business being transferred across several months later on 1%* November 2003. The company operated as subcontract precision engineers and metal fabricators. The company was originally set up by two individuals, Gerald Mathers and Alan Cornish whom were also the appointed directors at the outset.
The company traded successfully for 15 years, with business growth resulting in an additional neighbouring unit being leased, and mezzanine floors being installed in both units to increase work space. At the end of 2018 Alan Cornish decided to take early retirement and parted ways with the company. He resigned his position as a director and the company re-purchased his shares. Gerald’s wife Donna Mathers was subsequently appointed as a director in his place and acquired a small shareholding. The position has remained as such since that time.
The Covid-19 outbreak saw the commencement of year on year reducing turnover. Whilst the business was still able to operate due to being classed as construction and therefore a protected industry, the level of incoming work was far lower. As the company’s customers themselves had to close, Tuco faced further reductions. This coincided with the cost of living crisis, large increases in operating and staff costs and resulted in cash flow difficulties. This was compounded by the loss of important staff members which in turn led to the loss of specific customers.
Administrators' statement of proposals (2026-03-12) · Companies House register