Formaplex Technologies Limited (13455259): administration
- Status
- Administration ended
- Administration began
- 2024-01-16
- Administrators' firm
- Alvarez & Marsal
- Incorporated
- 2021-06-14
- Location
- Brighton
- Industry
- 32990 Other manufacturing n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
According to management accounts, the Company was loss-making in the period leading up to our appointment, which caused liquidity issues. The liquidity issues were further exacerbated by the delay of a major contract in September 2023.
The Director took independent advice in the lead up to the appointment from Eversheds Sutherland.
A&M was introduced to the Company on 1 November 2023 by Andrew Burn, who was acting as the Company’s Chief Restructuring Officer.
Administrators' statement of proposals (2024-03-05) · Companies House register