Meps Consulting Ltd (09674948): administration
- Status
- Administration ended
- Administration began
- 2024-03-01
- Administrators
- Bai Cham, Jonathan James Beard
- Administrators' firm
- Begbies Traynor
- Formerly
- Meps Design & Consultancy Ltd
- Incorporated
- 2015-07-07
- Location
- Chatham
- Industry
- 71122 Engineering related scientific and technical consulting activities
Why it went into administration
- COVID-19
- HMRC / tax arrears
- Bad debts / customer insolvency
From the administrators' statement
MEPS Consulting Limited (formerly MEPS Design & Consultancy Ltd) was incorporated on 7 July 2015 by its current director, Matthew Bradstock, who had over 20 years of relevant industry experience. The Company did not require a significant capital outlay when it initially began trading and was initially financed by the director himself. The Company operates within the building services / engineering design industry.
The Company continued to grow following its inception with turnover growing year on year. As the Company grew additional staff were recruited as and when required, with the Company employing 4 staff on average. Whilst the Company’s clientele was varied, the Company’s average contract size was significant at c£1,000,000. The Company continued to trade well from 2015 to 2020 making small profits and losses, whilst increasing turnover, however the Company first experienced financial difficulty following the onset of the COVID-19 lockdown in 2020. As a result of the national lockdown imposed by HM’s Government, the Company's trading activities came to an immediate halt, placing severe strain on the Company’s financial position. In a bid to sustain itself, the Company took out loans and arranged Time to Pay (“TTP”) arrangements with HMRC in respect of the tax liability incurred during the COVID period.
Once the Company was able to resume trade, the Company continued to source new work to increase turnover and defray its deferred HMRC liabilities.
Administrators' statement of proposals (2024-04-28) · Companies House register