Port Loop Limited (13645212): administration
- Status
- Administration ended
- Administration began
- 2022-05-11
- Administrators
- Julian Heathcote, Daniel James Mark Smith
- Administrators' firm
- Teneo
- Incorporated
- 2021-09-27
- Location
- Birmingham
- Industry
- 96090 Other service activities n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Sustained trading losses
- Cash flow / liquidity pressure
From the administrators' statement
The Group identified a potential funding shortfall in early 2022. We understand that the primary driver behind the Group’s funding shortfall was the under-performance of its modular factory facility, which had been loss making for a prolonged period. This underperformance in the factory was attributed to a number of factors including:
* under utilisation (and inability to absorb overhead costs); and
« design issues resulting in production defects and re-working the modular units, the costs of which could not be passed on to the developer.
Administrators' statement of proposals (2022-07-08) · Companies House register