Electric Future Group Ltd (13241349): administration
- Status
- Administration ended
- Administration began
- 2024-07-12
- Administrators
- Gareth Harris, Tyrone Courtman
- Administrators' firm
- RSM
- Incorporated
- 2021-03-03
- Location
- Enderby
- Industry
- 30990 Manufacture of other transport equipment n.e.c.
Why it went into administration
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 3 March 2021 as an investment vehicle. Dormant accounts were filed for the year ended 31 March 2022 due to the Company not having any active trade.
On 5 May 2023, the Company purchased 100% of the shareholding in MTAG (Holdings) Limited (“Holdings”). Holdings was also the majority shareholder of MTAG Composites Limited (“Composites”) prior to the acquisition. As a result, the Company had overall ultimate controlling ownership of Holdings and Composites. Composites is a composite moulding company, producing goods for a range of industries from trading premises in Coningsby, Lincolnshire.
Alongside the share sale, an invoice discounting facility was provided to Composites by Aldermore Bank Plc (“Aldermore”), together with a Recovery Loan Scheme and a property mortgage to Holdings in relation to freehold premises. The Company provided a corporate cross guarantee for all of the above facilities, granting a fixed and floating charge to Aldermore on 5 May 2023.
Administrators' statement of proposals (2024-09-10) · Companies House register