FIN Automation Limited (08793560): administration
- Status
- Administration ended
- Administration began
- 2014-01-06
- Administrators' firm
- Grant Thornton
- Incorporated
- 2013-11-27
- Location
- London
From the administrators' statement
Fin Automation Limited Is a precision engineering company engaged in manufacture of bespoke machine tools, spares and accessors for the automotive sector from industrial premises in Seaham, near Durham
It was incorporated on 27 November 2013 to purchase vanous assets of The Fin Machine Company Limited (In Administration) from the Joint Administrators, Joseph McLean and Christopher Petts of Grant Thornton UK LLP, who had been appointed to that company in August 2013 The assets included plant and machinery, fixtures and fittings, leasehold premises, goodwill and intellectual property The debts, finished goods stock and certain other assets were excluded from the sale agreement and there was provision for the raw material and work in progress stock to be purchased for an additional consideration on or before 3 January 2014 It was intended that the Company would negotiate with customers of The Fin Machine Company (In Administration) to take over existing and future orders for machines, accessories and spare parts
The Company started trading in December 2013 However, within a few weeks, the new owners concluded that the potential orders from customers had been overestimated, the working capital had been seriously underestimated and the funding required to run the company until the order book recovered was more than they could afford Consequently it was decided an Administrator should be appointed as soon as possible The debenture holder, Transformer Acquisition Company Limited, as the fixed and floating charge holder consented to the appointment, which was made on 6 January 2014
Administrators' statement of proposals (2014-03-13) · Companies House register