Walters Group Holdings Limited (06010857): administration
- Status
- Administration ended
- Administration began
- 2015-03-13
- Administrators' firm
- FRP Advisory
- Incorporated
- 2006-11-27
- Location
- London
- Industry
- 70100 Activities of head offices
Why it went into administration
- Competition / price pressure
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- Property / lease costs
- Cash flow / liquidity pressure
- Parent or group failure
From the administrators' statement
The original business of the Company was founded by John Walters in 1971 The Company was incorporated on 27 November 2006 under Its current name The Company's original purpose was to act as the ultimate parent company of the Walters Group of Companies.
On 22 January 2010, the Company purchased the business and assets of Walters Microsystems Limited, Walters OEP Limited and Orion Industries Limited from their administrators for consideration of £1.55m. Mark Newell, a senior manager and the son-in-law of John Walters, became CEO and Christopher Walters, son of John Walters, became Purchasing Director. Mark and Christopher each hoid 50% of the shares of Walters Electronics Limited (‘WEL"), which owns 93% of WGH, acting solely as a holding company. They also hold just over 1% each directly in WGH, with John Walters holding the balance of just over 5%
The Company continued the production of electronic products for chents either as a complete turnkey or box build solution which can include design, manufacturing of tooling and moulding of parts as necessary.
Administrators' statement of proposals (2015-05-15) · Companies House register