Hunter Products Limited (06155055): administration
- Status
- Administration ended
- Administration began
- 2021-11-01
- Administrators
- Gareth Prince, Paul Stanley
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2007-03-13
- Location
- Manchester
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- COVID-19
- Loss of a key customer, supplier or contract
From the administrators' statement
The following information has been provided by the directors of the Company - Hunter Products had traded for some 14 years and for the last 8 years had operated in the same market providing Smoke Control systems primarily to Mechanical & Electrical (M&E) contractors in the New Build sector.
From 2015 to 2018 the Company’s turnover, customer base and structure produced a healthy trading position and the company began negotiation with larger clients as its reputation grew. The larger clients required the company to accept longer payment terms, typically 60 days end of month. To allow these terms to be accepted the company entered into a contract financing agreement (‘CFA’).
Working with larger clients required an enhanced infrastructure to deal with the Site and Health & Safety requirements. The company increased its staffing levels and turnover through 2015 to 2019 by some 50% using the CFA to deal with the cash flow requirements. The Company remained profitable.
Administrators' statement of proposals (2022-01-04) · Companies House register