LP19 Ltd (08906082): administration
- Status
- Administration ended
- Administration began
- 2022-10-14
- Administrators
- David Paul Hudson, Arvindar Jit Singh
- Administrators' firm
- FRP Advisory
- Formerly
- Beroskin Engineering Ltd; Holyoake Street Ltd
- Incorporated
- 2014-02-21
- Location
- London
- Industry
- 64202 Activities of production holding companies
Why it went into administration
- Funding withdrawn / unable to refinance
- COVID-19
- Weak consumer demand
- HMRC / tax arrears
- Competition / price pressure
From the administrators' statement
Lodent was established in March 2003 and was a metal work and tooling manufacturer located in Brownhills in the West Midlands. Lodent used a mixture of Milling and EDM machines to manufacture precision tooling to customers’ specification and was primarily a Tier 2 supplier in the automotive sector.
Lodent achieved turnover of £3.9m for the year ended 31 March 2019, with a profit for that financial year of £875k, per its unabbreviated accounts. Lodent was owned by the Vendors at that point in time, who engaged a corporate finance boutique to act on their behalf in finding a buyer for the company.
In August 2019, LP19 (formerly known as Beroskin Engineering Limited} acquired Lodent for approximately £2.1m from the Vendors. The acquisition was financed by two loans from Triple Point provided to LP19, an amortising facility and an interest only facility, which totalled approximately £1.5m. Triple Point’s indebtedness was secured by first ranking debenture security from LP19 and a guarantee from Lodent (which was also supported by first ranking debenture security).
Administrators' statement of proposals (2022-12-17) · Companies House register