TAZ Rock Ltd (10009071): administration
- Status
- Administration ended
- Administration began
- 2024-12-02
- Administrators
- Sean Ward, Siann Huntley
- Administrators' firm
- Leonard Curtis
- Formerly
- TAZ Rock Contracting Ltd; TAZ Rock Ltd
- Incorporated
- 2016-02-17
- Location
- Cardiff
- Industry
- 09900 Support activities for other mining and quarrying
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated on 17 February 2016 and initially commenced to trade as a crushing and screening contractor serving in the quarrying industry from its leasehold premises in South Wales, employing approximately 35 staff members.
The Company enjoyed several years of profitable trading after winning significant contracts with major quarrying businesses. The continued financial success allowed for the continued scaling of the business and in 2022, the Company was approached by a client with a contract that involved processing, washing and grading large quantities of aggregate which was to be recycled and returned for commercial use. To fulfil the contract, the Company invested significant capital into a wash plant which was financed through Close Brothers at a finance cost of £76,500 per month.
Unfortunately, after the wash plant was installed, it became clear that the machinery was not able to meet the demands of the contract, despite efforts from both the supplier and the Company which severely affected the trading conditions. The Company began to face mounting creditor pressure and cash flow issues, which was mitigated by the directors injecting personal funds into the Company in order to deal with day-to-day cash flow pressures.
Administrators' statement of proposals (2025-01-09) · Companies House register