Advanced Adhesive Coaters Ltd. (06402272): administration
- Status
- Administration ended
- Administration began
- 2012-10-26
- Incorporated
- 2007-10-18
- Location
- Sheffield
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Sustained trading losses
- Funding withdrawn / unable to refinance
- Loss of a key customer, supplier or contract
From the administrators' statement
The Company was incorporated on 18 October 2007 Willlam Charles Armstrong was appointed as director of the Company and acquired the Company’s issued share capital of 1 ordinary £1 share The Company remained dormant following incorporation
The Company commenced trading in April 2009 following the demise of Spectrum Labels Limited (‘Spectrum’), an associated company which had been placed into Administration The Company acquired the business and assets of Spectrum from its Administrators for the sum of £15,000 and continued Spectrum's business thereafter, trading as a supplier of self adhesive materials and labels to customers from various industries The Company traded from two sites, the first being a leasehold property at Berkeley Court, Runcorn, Cheshire In addition, upon Spectrum entering Administration tt had a freehold property at Palatine Industrial Estate, Warrington, Cheshire which was subject to an outstanding mortgage with Commercial First Following the demise of Spectrum, the Company occupied and traded from the Warrington premises under an informal agreement with the mortgagee initial funding requirements were met by entering into a factoring agreement with Bibby Financial Services Limited (“Bibby”) who secured their lending to the Company by way of a debenture over the Company’s assets incorporating a fixed and floating charge
The Company traded successfully upon commencement of trade, with accounts for the first period of trading showing a post-tax profit of £24,029 The Company continued to trade profitably in its second year of trading, achieving a post-tax profit of £20,639 in the year ended 31 October 2010
Administrators' statement of proposals (2013-01-07) · Companies House register