Omnidex Laser Ltd (12590432): administration
- Status
- Administration ended
- Administration began
- 2023-02-13
- Administrators
- Neil Frank Vinnicombe, Simon Robert Haskew
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2020-05-07
- Location
- Bath
- Industry
- 25110 Manufacture of metal structures and parts of structures
Why it went into administration
- COVID-19
- Energy costs
- Competition / price pressure
From the administrators' statement
The Company was incorporated in May 2020. The business proposal identified a gap in the market in Scotland as there were companies providing laser cutting services but they were using old equipment which was expensive to run and less environmentally friendly.
Scottish based customers were migrating to companies based in England who had invested in new fibre laser metal cutting machines. The Company started to trade in September 2020 following the commissioning of the new machines. The early days of trading were affected by COVID and major material price increases and the lack of availability of steel and stainless steel.
The current directors also attribute a significant factor of the failure of the Company to a former Director leaving the Company and starting their own laser cutting business which was in direct competition. The directors believe that this saw c£540,000 of annual sales lost with the customers moving to the former director's new business. They feel that he had misled them about the performance of the business, exaggerated stock values and had privileged knowledge of the costs and prices charged to customers, and was therefore able to undercut them. This resulted in significantly lower sale margins than the Company had forecast.
Administrators' statement of proposals (2023-03-31) · Companies House register