NSV Realisations 2022 Limited (08157883): administration
- Status
- Administration ended
- Administration began
- 2022-06-24
- Formerly
- North Sea Ventilation Limited; Terton Limited
- Incorporated
- 2012-07-26
- Location
- Driffield
- Industry
- 28250 Manufacture of non-domestic cooling and ventilation equipment
Why it went into administration
- COVID-19
- Supply chain disruption
- Cash flow / liquidity pressure
- Brexit
From the administrators' statement
The Company had historically traded profitably. The draft accounts for the year ended 30 June 2021 showed the company making a loss of circa £570k. The company had continued to make substantial losses in the current year and its financial position worsened.
Brexit and Covid had caused significant disruption to the company’s supply chain. Significant delays were incurred on projects as a result of shut downs caused by Covid meaning that the company sustained substantial losses on various projects.
The UK directors first met with RNB in January 2022 and it was resolved that the UK directors would liaise further with the Malaysian directors and the various connected companies with a view to obtaining additional funding. By May 2022, it was apparent that without additional assistance from the parent company or the bank, the company would become cash flow insolvent in late June / early July 2022. ;
Administrators' statement of proposals (2022-08-24) · Companies House register