AMG Developments Limited (08951483): administration
- Status
- Administration ended
- Administration began
- 2020-01-20
- Administrators
- Michael Christian Kienlen, Robert David Adamson
- Administrators' firm
- Mazars
- Incorporated
- 2014-03-21
- Location
- Leeds
- Industry
- 64202 Activities of production holding companies
Why it went into administration
- Cash flow / liquidity pressure
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 21 March 2014, with its primary purpose being to operate as a holding company. It wholly owned the shares of AMG Electronics Limited (“AMG Electronics”) and these shares were transferred to the Company on the date of its incorporation following the sale of AMG Electronics to Ian Bates (“the Director”). It should be noted that AMG Electronics is associated to the Company by way of a common director in Mr Ian Bates, under the definition set out in Section 435 (6) of the Act, in that a company is an associate of another company if the same person has contro! of both companies.
AMG Electronics continued to trade under the ownership of the Director however during 2019 it began to face increased pressure on its cashflow and, despite using an invoice discounting facility and a trade finance facility with Ultimate Finance Limited (Ultimate”) and Ultimate Trade Finance to assist, AMG Electronics found that it was struggling to meet its suppliers’ terms.
Ultimate had agreed to support AMG Electronics whilst its financial position was reviewed by Armstrong Watson. However, with increasing cashflow pressures,
Administrators' statement of proposals (2020-03-14) · Companies House register