NAG Recycling Limited (05824218): administration
- Status
- Administration ended
- Administration began
- 2015-08-27
- Administrators
- Andrew Howard Beckingham, Colin Andrew Prescott
- Administrators' firm
- Leonard Curtis
- Incorporated
- 2006-05-22
- Location
- Bristol
- Industry
- 46720 Wholesale of metals and metal ores
Why it went into administration
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 22 May 2006 and took over the existing partnership business which had been trading in the South Wales area since 1999 The Company was registered as a scrap metal merchant dealing with all types of ferrous and non-ferrous metals
The Company's main stream of business was from the public and local tradesmen as well as factories and small businesses The Company onginally operated cash payment system and subsequently developed a very good reputation with plenty of repeat customers However, new laws came into effect in December 2012 prohibiting cash transactions in respect of scrap metal dealing The Company noticed a significant reduction in turnover after the introduction of this legislation
The scrap markets were also becoming increasingly volatile and pnces declined quite rapidly which reduced the selling value of stock on site At the same time, the Company's overheads increased resulting in significant cashflow pressures which were unable to be resolved Arrears steadily built up, particularly amounts due to HMRC in respect of VAT and PAYE/NIC
Administrators' statement of proposals (2015-10-16) · Companies House register