Engineering Precision Solutions Limited (08841150): administration
- Status
- Administration ended
- Administration began
- 2022-12-06
- Administrators
- Julian Pitts, Joanne Louise Hammond, Kris Anthony Wigfield
- Administrators' firm
- Begbies Traynor
- Formerly
- Project Raindrops Limited
- Incorporated
- 2014-01-10
- Location
- Northampton
- Industry
- 25990 Manufacture of other fabricated metal products n.e.c.
Why it went into administration
- COVID-19
- Rising costs / inflation
- Brexit
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Energy costs
- HMRC / tax arrears
- Loss of a key customer, supplier or contract
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 10 January 2014, previously calted Project Raindrops Limited until 10 February 2014, with the intention of seeking engineering and manufacturing businesses to purchase following an influx of inward investment from the Company’s shareholders.
The share capital of the business was held by 19 shareholders, including 3 members of the Board, 2 of which are non-Executive Directors, together with Engineering Precision Solutions Nominees Ltd, which currently holds shares which were surrendered by a former director of the Company, lan Watkins, who resigned on 18 June 2018.
Bradford Cylinders Limited ("BCL”), based in Bradford, entered into administration on 4 April 2014 which piqued the Company's interest. BCL had been trading since 1 July 1996 with suppliers in the steel industry as their main customer base. The Company also determined that BCL held intellectual property that could be traced back to over 100 years.
Administrators' statement of proposals (2023-01-16) · Companies House register