Se-Tek Limited (13398834): administration
- Status
- Administration ended
- Administration began
- 2022-07-01
- Administrators
- Steven Phillip Ross, Allan David Kelly
- Administrators' firm
- FRP Advisory
- Incorporated
- 2021-05-14
- Location
- Newcastle upon Tyne
- Industry
- 32990 Other manufacturing n.e.c.
Why it went into administration
- Property / lease costs
- Funding withdrawn / unable to refinance
- Loss of a key customer, supplier or contract
From the administrators' statement
The Company was incorporated on 14 May 2021 to acquire part of the business and assets of the Joy roller manufacturing operations in Sunderland through a management buyout (“MBO”) with the other part of the business sold to a third party and relocated to a new site. The acquired part of the business had an approximate turnover of £6-7m per annum. The Company commenced trading on 4 August 2021 and remained in a leased c. 200 square foot facility at West Quay Road, Sunderland,
At the point of Administration, the Company employed 127 members of staff including the four Directors: Giles Richell, Christopher Parker, Russell Richardson and Christopher Stavers. The Directors were also the shareholders and further detail are provided at Appendix A.
As part of the MBO, Joy transferred the plant and machinery, debtors, stock and work in progress to the Company but retained liability for the creditors. Joy also provided limited guarantees to the Company’s landlord in respect of rent and dilapidations for the new lease granted to the Company. These guarantees are secured by specific fixed charges (chattel mortgages) over certain of the plant and machinery alongside a general floating charge to cover any potential liability, which are dated 4 August 2021.
Administrators' statement of proposals (2022-08-25) · Companies House register