Taylor and Jones Limited (05297450): administration
- Status
- Administration ended
- Administration began
- 2014-01-29
- Administrators
- Philip David Nunney, Tracy Ann Taylor
- Administrators' firm
- Abbey Taylor
- Formerly
- SCF (Clientco 001) Limited
- Incorporated
- 2004-11-26
- Location
- Sheffield
- Industry
- 25730 Manufacture of tools
Why it went into administration
- Cash flow / liquidity pressure
- Loss of a key customer, supplier or contract
From the administrators' statement
The Company was incorporated on 26 November 2004 and traded from premises at Effingham Street, Sheffield, S4 7YP, having recently relocated from Crosland Road Industrial Estate, Netherton, Huddersfield, HD4 7DQ Its trading activity was the manufacture of specialist reaming tools serving a variety of industries from aerospace and automotive to construction and general manufacturing
In recent years, the business encountered financial difficulties as cheap imports led to a rapid decrease in margins, primanly affecting the Company’s wholesale distribution business. In January 2013, the Company lost a key customer, which represented 35% of revenue Despite the fall in revenue, the Company was unable to reduce staffing costs to a more appropriate level as the employees are both highly skilled and long-serving, making the associated costs of redundancy prohibitively high
The Company was part of a group with Tempered Tools Limited and TSL Turton Limited, with common directorships. In 2013, the group of companies was found to have breached the conditions of its factoring arrangement. Credit facilities were suspended as a result, causing major cashflow problems for all of the companies within the group The Company was left running on skeleton cash and trading was restricted during this period
Administrators' statement of proposals (2014-04-01) · Companies House register