West Lancs Precision Ltd (06214120): administration
- Status
- Administration ended
- Administration began
- 2023-12-20
- Administrators
- Rochelle Schofield, Mike Dillon
- Administrators' firm
- Leonard Curtis
- Incorporated
- 2007-04-16
- Location
- Manchester
- Industry
- 32990 Other manufacturing n.e.c.
Why it went into administration
- Loss of a key customer, supplier or contract
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 16 April 2007 and commenced to trade shortly thereafter. The principal trading activity of the Company was providing precision engineering in glazing fitments. The Company had one main customer who accounted for c.85% of the total Company turnover.
The Company had previously traded profitably with a turnover of c.£315k recorded in the year ended 31 July 2021 with a profit of c.£15k. In the following year to 31 July 2022, turnover decreased slightly to c.£267k and a loss of c.£37k was recorded. In the year to 31 July 2023, turnover further decreased to c.£252k, however a profit of c.£31k was recorded.
The Company had historically been funded by way of an invoice discounting facilities but latterly had been self-funded. The Company received funding in June 2020 by way of a Coronavirus Bounce Back Loan (“BBL”) from Royal Bank of Scotland Bank in the sum of £50k, of which c.£20k remains outstanding.
Administrators' statement of proposals (2024-02-15) · Companies House register