Taurus Cranes Ltd (07041103): administration
- Status
- Administration ended
- Administration began
- 2018-12-04
- Administrators' firm
- Mazars
- Incorporated
- 2009-10-14
- Location
- Manchester
- Industry
- 33120 Repair of machinery
Why it went into administration
- HMRC / tax arrears
- Weather / natural events
- Cash flow / liquidity pressure
- Property / lease costs
From the administrators' statement
Taurus Cranes Ltd began operating in 2001 and was incorporated in October 2009 trading as a supplier of new and reconditioned lifting equipment, inclusive of the provision of a repair and maintenance service to crane and lifting equipment users at leasehold premises at 17e Jackson Street, St Helens, WA9 1AN. The Company’s initial working capital was provided by the director, Anthony Patrick Purves.
The Company was initially successful and had grown over the years taking on a number of employees whilst winning new business. In 2012, the Company entered into a factoring agreement with RBS Invoice Finance Limited (‘RBSIF’) to free up cashflow to accommodate the growth and increased number of employees.
The Company relocated to its current premises at Alexander House, Unit 4 Ringtail Place, Burscough Industrial Estate, Ormskirk, L40 8LA (‘the premises’) in 2016. The Company obtained secured borrowing of circa £210K from Royal Bank of Scotland ple, along with a cash injection of £70K from the Director’s father to purchase the premises. Up until this point, the Company had been trading profitably and servicing its financial commitments.
Administrators' statement of proposals (2019-01-04) · Companies House register