Prefect Equipment Limited (06535355): administration
- Status
- Administration ended
- Administration began
- 2023-10-23
- Administrators
- Kenneth Wilson Pattullo, Gary Paul Shankland
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2008-03-14
- Location
- London
- Industry
- 43290 Other construction installation
Why it went into administration
- Funding withdrawn / unable to refinance
- Property / lease costs
From the administrators' statement
The company was incorporated in 2008 and provided the rental of more than 53,000 lockers to primary and secondary schools across the UK. In addition to dealing with the installation of the lockers in the school, the company maintains and repairs each locker and provides an online booking portal for parents and students to rent their locker for the academic school year.
The company also designed and manufactured innovative locks systems providing students with keyless access to lockers. The directors had noted that the company’s operating costs had begun to increase year on year and despite trying to source new income streams and increase the usage of the lockers into France, the company was unable to source any further funding.
In addition to this, the company had fixed income in line with the start of the academic year so payments for the rental of lockers were primarily received in September each year. This made budgeting for expenditure difficult and unforeseen costs could not be paid. The company also experience pressure from creditors in relation to mounting liabilities, most notably from HM Revenue & Customs in respect of the balance due to them for PAYE.
Administrators' statement of proposals (2023-12-22) · Companies House register