Flynn Energy Networks Limited (06605964): administration
- Status
- Administration ended
- Administration began
- 2015-10-30
- Administrators
- Paul Stanley, Dean Watson
- Administrators' firm
- Begbies Traynor
- Formerly
- Flynn Training Solutions Limited
- Incorporated
- 2008-05-29
- Location
- Manchester
- Industry
- 42990 Construction of other civil engineering projects n.e.c.
Why it went into administration
- HMRC / tax arrears
- Loss of a key customer, supplier or contract
- Loss-making contracts / project overruns
- Property / lease costs
- Sustained trading losses
- Credit insurance / supplier credit withdrawn
- Supply chain disruption
- Creditor pressure / legal action
- Bad debts / customer insolvency
- Competition / price pressure
From the administrators' statement
The Company was incorporated in 2008 and traded as a civil engineenng contractor in the utilities sector
Over the past two years the Company has found it increasingly difficult to compete in the sector Market conditions have reduced chargeable rates available for carrying out local contracts as bigger companies have moved into the uttlities market resulting in greater competition The Company had no option but to agree to work on less profitable rates
in addition to the reduced rates, the Company’s working capital has suffered as a result of customers extending payment terms and suppliers requesting pro forma payments or offering short credit terms
Administrators' statement of proposals (2016-01-07) · Companies House register