Samper Installation Limited (06619260): administration
- Status
- Administration ended
- Administration began
- 2024-08-28
- Administrators
- Mark Nicholas Ranson, Franklyn Ofonagoro
- Administrators' firm
- Opus Restructuring
- Incorporated
- 2008-06-13
- Location
- Manchester
- Industry
- 43290 Other construction installation
Why it went into administration
- Cash flow / liquidity pressure
- Sustained trading losses
- Funding withdrawn / unable to refinance
- Bad debts / customer insolvency
From the administrators' statement
Due to the phased nature of the Company’s projects and the fact that clients could dictate and revise agreed project start dates, the Company’s cash flow was generally volatile as planned staffing levels at client sites would vary significantly at short notice due to unpredictable project start dates and duration.
Over the preceding 12 months the Company suffered from a number of delays to large projects which significantly depleted cash reserves as overheads continued to accrue. Management accounts provided by the Directors for the six months period to December 2023 showed that the business made a trading loss of c.£210k loss. No further management information for subsequent trading periods was provided.
As a result of growing trading losses the Company took on increased debt to support the business however, continued trading underperformance meant that the Company was unable to fund working capital.
Administrators' statement of proposals (2024-10-30) · Companies House register