Tugdock Limited (11378305): administration
- Status
- In administration
- Administration began
- 2025-06-23
- Administrators
- Danny Dartnaill, Simon Edward Jex Girling
- Administrators' firm
- BDO
- Incorporated
- 2018-05-23
- Location
- Liverpool
- Industry
- 30990 Manufacture of other transport equipment n.e.c.
Why it went into administration
- Property / lease costs
From the administrators' statement
The Company was incorporated on 23 May 2018, with a variety of individual shareholders, including Shane Carr, founder and current CEO with a holding of c.73%. The Company has from January 2023 attracted several institutional investors, who have been granted convertible loan notes in the Company to a total of
The Company’s registered office is in Falmouth, Cornwall, and where it rents (on a short term basis) storage facilities. The 6 employees (including directors) work from home. Its business continues to be the development of modular floating dry dock technology to enhance port capacity with submersible platforms - for the offshore renewable and other marine markets. It holds 3 UK patents for different parts of its developed technology.
The Company won its first contract in 2022 (of c.£1.9m) for 3 pilot offshore wind platforms to be launched in the Mediterranean Sea. Up until that point its focus was on product development, with some grant income support. This single contract resulted in annual turnover of £1,038k in 2023 and £815k in 2024. Since then, commitment in firm orders has been slower than expected as the offshore renewable market’s pace of growth has slowed. This has resulted in material reductions to turnover, with the Company recording year to date (31 March 2025) turnover of £79k and having limited pipeline opportunities to support the ongoing functions of the business without meaningful and immediate capital investment.
Administrators' statement of proposals (2025-07-02) · Companies House register