RPS Assets Limited (06357893): administration
- Status
- Administration ended
- Administration began
- 2012-01-17
- Administrators
- Jamie Playford
- Administrators' firm
- Acuity Professional Partnership
- Formerly
- Redwood Power Systems Limited
- Incorporated
- 2007-08-31
- Location
- Norwich
- Industry
- 5245
Why it went into administration
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
- Energy costs
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated on 31 August 2007 and its main activity was the supply and installation of industrial and commercial lighting products, specifically SMD and LED products that help reduce carbon emissions and reduce electricity costs
The Company achieved a smalt turnover of £12k in the year to 31 August 2009 The following year turnover increased to £202k, however the Company suffered a loss of £130k due to overruns, increased order costs and high overheads It was believed that the Company would be profitable in future years as turnover grew but overheads would remain stable
In 2011 the Company secured an indicative funding offer from tts bankers, Natwest, to increase growth in the Company The Company tendered for orders for around £500,000, of which around 75% were expected to be won However the funding arrangements were unable to be completed and the Company was unable to fulfil the orders
Administrators' statement of proposals (2012-02-21) · Companies House register