Therco Limited (04970481): administration
- Status
- Administration ended
- Administration began
- 2017-10-06
- Administrators' firm
- KPMG
- Incorporated
- 2003-11-20
- Location
- Leeds
- Industry
- 25990 Manufacture of other fabricated metal products n.e.c.
Why it went into administration
- Sustained trading losses
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Loss of a key customer, supplier or contract
- Competition / price pressure
From the administrators' statement
The Company specialised in the fabrication of heat exchangers, for the oil, gas and marine sectors, with a global customer base. The Company's other main revenue stream was from the production and supply of genuine “Serck” engineering spares and replacement parts, for which the Company owned certain intellectual property and designs.
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Prior to our appointment, the Company employed 37 members of staff; however, immediately following our appointment 26 employees were made redundant. One further employee left the business following the Joint Administrators’ appointment.
Administrators' statement of proposals (2017-12-10) · Companies House register