Spiralite Holdings Limited (07362483): administration
- Status
- Administration ended
- Administration began
- 2017-08-02
- Administrators
- Matthew Boyd Callaghan, Zelf Hussain
- Administrators' firm
- PwC
- Incorporated
- 2010-09-01
- Location
- Leeds
- Industry
- 70100 Activities of head offices
Why it went into administration
- Funding withdrawn / unable to refinance
- Loss-making contracts / project overruns
- Sustained trading losses
From the administrators' statement
Spiralite Holdings Limited (“SHL”) is the 100% shareholder of Specialist Insulation Limited (“SIL”) (together “the Companies”). SHL also holds 100% shareholding in Excel (Portam) Limited (“Excel”) and Spiralite Ductwork Solutions Limited (non-trading entity) (collectively the “Group”).
The Group developed, manufactured and installed insulated ductwork products for Heating, Ventilation and Air Conditioning (“HVAC”) applications. Group revenue in 2016 was c. £14.4 million although all group entities have now ceased to trade.
SHL held the Intellectual Property (“IP”) for the Group and held a licence agreement for Khansaheb Industries LLC (“Khansaheb”) (a Dubai based entity). SIL manufactured the insulated ductwork product from a leasehold premises in Essex and distributed this product intra-group to Excel and to third parties throughout the UK and USA.
Administrators' statement of proposals (2017-08-25) · Companies House register