Ocean Securities (UK) Limited (07194481): administration
- Status
- Administration ended
- Administration began
- 2018-03-29
- Administrators
- Andrew Fender
- Administrators' firm
- RSM
- Formerly
- Pro-Line Security Limited
- Incorporated
- 2010-03-18
- Location
- Solihull
- Industry
- 80100 Private security activities
Why it went into administration
- HMRC / tax arrears
- Loss-making contracts / project overruns
From the administrators' statement
The business was incorporated on 18 March 2010 and started trading in 2013 after purchasing the business out of Administration from RSM Tenon. The principal activity of the Company was private security activities.
The directors advise that the business traded at a very marginal profit and after the Company then acquired the business of Pro-Line Securities (UK) Limited it became very top heavy with the management structure that was taken on, which resulted in the business struggling to make much profit.
The Company then suffered major contract losses, such as SSE Plc (£1.4m turnover) and Roke Manor Research (£500k turnover) in 2015 and OSB Ltd (£600k turnover) in 2017.
Administrators' statement of proposals (2018-06-07) · Companies House register