Bonds Heavy Castings Limited (10275527): administration
- Status
- Administration ended
- Administration began
- 2019-12-20
- Administrators
- Adrian Peter Berry, Clare Boardman
- Administrators' firm
- Deloitte
- Formerly
- Bonds Scunthorpe Limited
- Incorporated
- 2016-07-13
- Location
- Birmingham
- Industry
- 24510 Casting of iron
Why it went into administration
- Funding withdrawn / unable to refinance
- Sustained trading losses
- Brexit
- Energy costs
- Supply chain disruption
- Cash flow / liquidity pressure
- Competition / price pressure
From the administrators' statement
The Bonds Group had faced numerous challenges, both at operational and market level, noted below, which had resulted in financial losses and significant cash flow pressures:
• Reliance on the oil and gas sector which has been negatively impacted by high energy prices;
• Brexit uncertainty within the supply chain causing an increase in prices, and a weakening GBP against EUR and USD resulting in reduced margins on sales to these jurisdictions;
Administrators' statement of proposals (2020-02-21) · Companies House register