Met-Fin Ltd (09800162): administration
- Status
- Administration ended
- Administration began
- 2018-07-11
- Administrators
- Anthony Collier, Ben Woolrych
- Administrators' firm
- FRP Advisory
- Formerly
- Ensco 1152 Limited
- Incorporated
- 2015-09-29
- Location
- Knutsford
- Industry
- 64202 Activities of production holding companies
From the administrators' statement
The Company was incorporated on 29 September 2015 for the specific purpose of acquiring 100% of the shares of Karas Plating Limited, a metal plating and anodising company based in Leigh.
The Company relied solely upon dividends from Karas to pay its costs and discharge its les which were predominantly due to the former owners of Karas who were owed c£775K in deferred consideration from the 2015 transaction.
Whilst Karas remains profitable, it is less profitable than envisaged and does not have sufficient distributable reserves to enable a suitable dividend to be passed up the Group to meet the terms of the above mentioned deferred consideration.
Administrators' statement of proposals (2018-08-22) · Companies House register