Thornhill Rubber Limited (10892023): administration
- Status
- Administration ended
- Administration began
- 2020-07-14
- Administrators
- James Saunders, Allan Watson Graham
- Administrators' firm
- Kroll
- Formerly
- One More TRY Limited
- Incorporated
- 2017-07-31
- Location
- Manchester
- Industry
- 22190 Manufacture of other rubber products
Why it went into administration
- COVID-19
- Sustained trading losses
From the administrators' statement
Following the commencement of trade in 2018 the Companies initially traded profitably, however a general decline within the industry resulted. in the Companies experiencing a downturn in trade during the first six months of 2019. Despite a slight upturn in’trade during the later months of 2019 the Companies incurred. significant losses during this period. Total losses of c£3 million and c£776,000 were incurred by TES and TR respectively for the year 2019.
The Companies continued to incur losses during the first quarter of 2020, relying on the wider Thornhill Group to support excess working capital requirements. As a result, the Directors took steps to implement a turnaround strategy and began a redundancy consultation process with staff.
The Companies’ losses were compounded by the impact of the Covid- 19 pandemic which resulted in a sudden depletion in the Companies’ order books and future trading capabilities. Consequently, the Companies took the decision to utilise the government furlough scheme in March 2020.
Administrators' statement of proposals (2020-09-29) · Companies House register