Griffin Towage Limited (10029705): administration
- Status
- Administration ended
- Administration began
- 2022-05-16
- Administrators' firm
- Leonard Curtis
- Incorporated
- 2016-02-26
- Location
- Fareham
- Industry
- 52220 Service activities incidental to water transportation
Why it went into administration
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Weather / natural events
From the administrators' statement
The company was incorporated in February 2016 and carried out towage and recovery work for both corporate and private clients across Europe and Africa.
The company was funded at the outset by the director who injected substantial sums in order to fund the initial purchase of the tug boats from the administrators of Griffin TMS Limited and assist with ongoing cash flow. Loan funding was also secured from the company’s bankers Barclays to support on-going trading. Latterly in 2020 the company took advantage of the CBILs loan scheme and secured £250k from IWOCA, which was granted a debenture over its assets.
The company had traded successfully in prior periods, generating healthy profits, up until the year ending February 2021. Despite a slight increase in turnover, which included government support from the furlough scheme, significant cost rises predominantly in respect of repairs required, which cost the company an extra £100k compared to the previous year, resulted in losses being incurred.
Administrators' statement of proposals (2022-07-13) · Companies House register