2K Manufacturing Ltd (06068460): administration
- Status
- Administration ended
- Administration began
- 2013-11-18
- Administrators
- Richard Patrick Brewer, Graham Paul Bushby
- Administrators' firm
- Baker Tilly Tax and Advisory Services
- Incorporated
- 2007-01-25
- Location
- London
- Industry
- 22210 Manufacture of plastic plates, sheets, tubes and profiles
Why it went into administration
- Sustained trading losses
- Rising costs / inflation
- Funding withdrawn / unable to refinance
From the administrators' statement
2K Manufacturing Limited ("2K" or “the Company”) was incorporated in January 2007 with the Company Number 06068460 The Company was set up by Omer Kutluoglu and Turul Taskent who is an experienced mechanical engineer with experience in the manufacturing industry
The directors of 2K, Mr Kutiuoglu and Mr Taskent, identified a gap in the market due to the increasing requirement for green alternatives to plywood within the construction industry Also, more widely a plywood alternative with greater longevity together with increasing demand for recycling of complex plastic waste streams lead to 2K starting to research and develop a product which is known as EcoSheet, in addition the Company targeted the Agricultural sector and gained high profile champions of its product
Initially the Company started through seed funding and relied upon friends and family The first significant funding of £2m came in January 2009 from Foresight Group (“Foresight”) which registered a debenture against the Company dated 15 January 2009 incorporating fixed and floating charges There was also a £500k grant from the East of England RDA
Administrators' statement of proposals (2014-01-17) · Companies House register