Malton Fabrications Limited (07083987): administration
- Status
- Administration ended
- Administration began
- 2019-11-14
- Administrators
- Julian Pitts, Andrew Graham Mackenzie
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2009-11-23
- Location
- Leeds
- Industry
- 25990 Manufacture of other fabricated metal products n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Loss of a key customer, supplier or contract
- Creditor pressure / legal action
- Sustained trading losses
From the administrators' statement
The Company initially made contact with Julian Pitts of Begbies Traynor Group (“BTG’) in early October, following a difficult period of trading, ending with a loss of a major contract. Following that meeting, the directors of the Company sought investment via a refinance however, they were unable to obtain the funding that would have been required to continue to trade.
Unfortunately the cash position of the Company quickly worsened leading to the Company being unable to purchase the oxygen required to complete orders and the continuation of trade became unfeasible. The directors of the Company advised the staff to go home until the position was resolved. Creditor pressure had also begun to mount, with the Company being in significant arrears with the landlord and being unable to make several payments to HSBC Equipment Finance in respect of the laser equipment.
Administrators' statement of proposals (2020-01-08) · Companies House register