Ashfield Electrical Services (South West) Limited (07964463): administration
- Status
- Administration ended
- Administration began
- 2018-02-07
- Administrators
- Andrew Howard Beckingham, Siann Huntley
- Administrators' firm
- Leonard Curtis
- Incorporated
- 2012-02-24
- Location
- Bristol
- Industry
- 43210 Electrical installation
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated and commenced to trade on 24 February 2012 as an electrical contractor based in Fishponds, Bristol and operating throughout the midlands and southern counties. The Company undertook a range of work including call out, maintenance, small and large scale electrical installation works and certification. The Company latterly became a specialist in carrying out the wiring installation for building management systems which grew to become the bulk of the works carried out.
The Company financed its operations by means of an invoice factoring facility with Lloyds Bank Commercial Finance Limited ("Lloyds"). Lloyds hold security by way of fixed and floating charges over the assets of the Company dated 7 January 2043.
For most of the 5 or so years that the Company was trading it did so profitably. The Company had the odd project that made a loss, as sometimes happens in that industry, but it was able to absorb these due the majority of its projects making healthy profit. However, issues began to arise when the Company was awarded four projects around central London carrying out the power and controls installation for smoke ventilation systems. This was a new area both in location and type of works for the Company and unfortunately all four projects resulted in josses totalling circa £180,000. As a result, cash flow became an on-going issue for the Company, with additional smaller losses compounding the problem.
Administrators' statement of proposals (2018-04-04) · Companies House register