Qube Specialist Maintenance Solutions Limited (06832800): administration
- Status
- Administration ended
- Administration began
- 2015-11-19
- Administrators
- Sean Williams, Philip Deyes
- Administrators' firm
- Leonard Curtis
- Incorporated
- 2009-03-02
- Location
- Leeds
- Industry
- 43210 Electrical installation
Why it went into administration
- Loss of a key customer, supplier or contract
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- HMRC / tax arrears
From the administrators' statement
The Company was incorporated in 2009 and commenced trading as a specialist electrical engineering business The Company is wholly owned by the Purchaser The parent supplied the Company with certain chattel assets pnmanly office equipment and plant, with which to trade At the date of administration the Company employed 55 members of staff
The Company's founding director was Richard Hotchin who had previously worked for a major steel production company (‘the Key Customer’), and it was from this source that the majority of the Company's business was generated At the time of our introduction to the business, the sales ledger stood at £622k, compnsing of three main debtors (over 50% of which was with the Key Customer with a very low credit rating following a de-merger) who all had contractual elements to the work carried out by the Company
Over recent years, the business strategy had been to grow the business with the building of relationships with other customers and reduce the Company's reliance on the Key Customer The Company was partially successful in the implementation of this strategy but, as noted above, was considerably reliant on the Key Customer Furthermore, the other clients it built relationships with, engaged with the Company on a, primanily, contracted basis, albeit no contracts (save for the Key Customer) were entered in to As the Company's technical capabilities improved, the requirement to provide detailed drawings and plans was required as part of its work programme with key clients This inevitably lead to a contractual based element to the relationship as plans would be retained and form part of a number of smaller assignments This interconnectivity between orders had a significant bearing on the strategy finally adopted by the administrators and how they dealt with the preservation, as best they could, of the primary assets of the Company, namely the sales ledger, work in progress (“WIP”) and ongoing contracts
Administrators' statement of proposals (2016-01-05) · Companies House register