Ultra Surefire Limited (05289726): administration
- Status
- Administration ended
- Administration began
- 2023-02-20
- Administrators' firm
- Opus Restructuring
- Formerly
- Ultra Suppression Systems Limited
- Incorporated
- 2004-11-17
- Location
- Milton Keynes
- Industry
- 43290 Other construction installation
Why it went into administration
- COVID-19
- Sustained trading losses
From the administrators' statement
3.1 During the period following the onset of the pandemic, the costs of labour and materials increased as their availability diminished. In the period up to the Directors identifying the Insolvency of the Company, it was noted that Contract costs had increased and with the increase in associated costs, this in turn had resulted in a number of contracts falling into loss-making positions. The lossmaking position of contracts continued for some time, requiring the Company to receive financial support from a connected company.
3.2 The Directors began to plan their exit from the business, placing it on the open market. As the news began to spread, debtors began to withhold payment and undervalue contracts, further impacting the Company’s cashflow and ultimately leading to it being put on stop by its suppliers. With the sale of the connected company, who was providing financial support, the Company’s only real prospect of continuing to trade was extinguished. An interested party in purchasing the business was identified, however a sale could not be achieved, due to the financial position of the Company. 3.3
3.4
Administrators' statement of proposals (2023-03-06) · Companies House register