Inspection Testing and Consultancy Limited (07143713): administration
- Status
- Administration ended
- Administration began
- 2012-02-15
- Administrators
- John Malcolm Titley, Andrew Poxon
- Administrators' firm
- Leonard Curtis
- Formerly
- Inspection Testing Consultants Ltd
- Incorporated
- 2010-02-02
- Location
- Bury
- Industry
- 7430
Why it went into administration
- HMRC / tax arrears
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Credit insurance / supplier credit withdrawn
- Competition / price pressure
From the administrators' statement
Inspection Testing and Consultancy Limited was incorporated on 2 February 2010 The Company was established to purchase the goodwill and assets of Dodd Ellesmere Limited (formerly Inspection Testing and Consultancy Limited, company number 06050677) (“DEL”) which was placed into Administration on 15 March 2010 DEL had incurred losses prior to the purchase but It was considered a viable business due to its strong name in the industry and loyal! customer base
The Company provided non-destructive testing services to power stations and similar facilities Initial funding was provided by Bibby Financial Services Limited (“Bibby”) by way of an invoice discounting facility, allowing for an advance of 80% of the debtor book value
Although the Company had secured initial funding, cash flow difficulties were encountered immediately as suppliers were cautious to offer credit following the failure of DEL The result was that the majority of purchases had to be made on a pro-forma basis
Administrators' statement of proposals (2012-04-13) · Companies House register