BN Daedalus Limited (07244687): administration
- Status
- Administration ended
- Administration began
- 2024-03-21
- Administrators
- Christopher Robert Pole, William James Wright
- Administrators' firm
- Interpath Advisory
- Formerly
- Brightease Limited
- Incorporated
- 2010-05-06
- Location
- Birmingham
- Industry
- 74990 Non-trading company
Why it went into administration
- HMRC / tax arrears
- COVID-19
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Loss of a key customer, supplier or contract
- Sustained trading losses
From the administrators' statement
The Group is Jointly owned by Chewton Glen itd (which is an entity 100% owned by William A Hynett OBE (‘Willian Hynett’)) and Alawi Qais Al Zawawi, who both hold a 50% stake [n the Group. William Hynett Is a director of ali entities within the Group,
Trading conditions for the whole aerospace sector were extremely challenging throughout the Cavid19 pandemic (the ‘Pandemic’), with the sale of new aircraft, which was a key part of the Group’s business plan, being seriously affected. Sales also declined significantly due to a change in contract mix with 3 key customer.
Revenue totalled approximately £172 million in the year ending 31 March 2020 (‘FY20') immediately before the Pandemic, which subsequently reduced to £12.5 mittion in F¥21 during the best performing year during the Pandemic.
Administrators' statement of proposals (2024-04-20) · Companies House register