Specialist Engineering Systems Limited (05928092): administration
- Status
- Administration ended
- Administration began
- 2016-10-31
- Administrators' firm
- Quantuma
- Incorporated
- 2006-09-07
- Location
- Bristol
- Industry
- 25620 Machining
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Competition / price pressure
- Creditor pressure / legal action
From the administrators' statement
The Company was incorporated in September 2006 and its principal activity was as a supplier of CNC components to the oil and gas, mining, medical and automotive sectors The Company employed 19 staff and traded from leasehold premises as Ashchurch Business Centre, Alexandra Way, Tewkesbury, GL20 8NB
A significant reduction in workflow from the aforementioned industry sectors, particularly oil and gas led to the Company facing an 80% fall in revenues between 2013 And 2016 This led to severe financial difficulties and in the year ended 31 August 2016 the Company incurred estimated losses of circa £1m The Company came under increasing creditor pressure as cash flow worsened and It was not able to pay its liabilities as they fell due
Overview of Financial Information
Administrators' statement of proposals (2016-12-16) · Companies House register