Gretone Engineering Limited (07162829): administration
- Status
- Administration ended
- Administration began
- 2015-03-30
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2010-02-19
- Location
- Chapel Street
- Industry
- 25620 Machining
Why it went into administration
- Competition / price pressure
- Credit insurance / supplier credit withdrawn
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Loss of a key customer, supplier or contract
- Sustained trading losses
From the administrators' statement
The Company was incorporated in February 2010 following a management buy-out completed from the administrators of Gretone Limited Gretone Limited had been trading since the 1950s and was taken over by Midlands based company, Arnel Industries PLC, in 1960
The Company are sub-contract aerospace engineers and specialise in the supply of precision machining of structural air frame components Due to the tong standing reputation of its predecessor and the nature of the management buy-out the Company was able to adopt the existing contracts and more importantly customer accreditations and was able to retain a number of blue chip customers lan Hawkins and Kevin Owen were appointed as directors of the Company
The Company initially traded profitably and in 2011 finance was obtained with Royal Bank of Scotland PLC (‘The Bank") secured against the debtor book and freehold property Profits were recorded during 2012 however due to customers looking to source products overseas turnover began to reduce considerably and losses were recorded in 2013
Administrators' statement of proposals (2015-06-03) · Companies House register