FL Realisations 2024 Limited (05598005): administration
- Status
- Administration ended
- Administration began
- 2024-09-12
- Administrators
- Christopher Robert Pole, Ryan Kevin Grant
- Administrators' firm
- Interpath Advisory
- Formerly
- Fablink Limited
- Incorporated
- 2005-10-20
- Location
- Birmingham
- Industry
- 25990 Manufacture of other fabricated metal products n.e.c.
Why it went into administration
- Rising costs / inflation
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Loss of a key customer, supplier or contract
- Bad debts / customer insolvency
From the administrators' statement
As noted above, the Group experienced a number of operational challenges over the last two years which have cumulatively caused challenges to liquidity. Predominantly, this comprises:
= Relocation costs in relation to a new site for FUKL in Wolverhampton which grant funding of up to £5 million under the Government's Innovate UK scheme was expected but not received. As a result, working capital had to be utilised to fund investment in the new facility.
= Abad debt of £1.2 million relating to the insolvency of a customer, Atlas Technologies BV, during 2023.
Administrators' statement of proposals (2024-10-02) · Companies House register