New Engineering Limited (14738141): administration
- Status
- Administration ended
- Administration began
- 2024-08-01
- Administrators
- Mark Granville Firmin, Michael Thomas Denny
- Administrators' firm
- Alvarez & Marsal
- Incorporated
- 2023-03-17
- Location
- Brighton
- Industry
- 25990 Manufacture of other fabricated metal products n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- Creditor pressure / legal action
- Credit insurance / supplier credit withdrawn
- Rising costs / inflation
- Energy costs
- Cash flow / liquidity pressure
- Loss of a key customer, supplier or contract
- Property / lease costs
From the administrators' statement
The Company was incorporated on 17 March 2023 and commenced trading on 21 March 2023, following the purchase of business and assets in a ‘pre-packaged’ administration sale from Neos Superform Limited (“Neos Superform”) and Neos Composite Solutions Limited (“Neos Composites”). On 3 April 2023, it also purchased the business and assets of Neos Nuclear Limited (“Neos Nuclear’). The Company traded all three divisions within the same corporate entity. These ‘pre-packaged’ administration sales were connected party transactions as the Directors of Neos Nuclear, Neos Composites and Neos Superform are also directors and shareholders of the Company.
Shortly after acquiring Neos Nuclear, the Directors took steps to wind-down the nuclear division having been unable to novate key customer contracts to the Company. Up to the date of our appointment, the Company continued to operate the Neos Superform and Neos Composites divisions using both the “Neos” and “New Engineering” brand names.
The Company was headquartered in Worcester, United Kingdom, and operated from three premises located in Worcester, Derby and Kidderminster. It employed 111 members of staff at the date of appointment. The Company was in occupation of each of its trading premises under a Licence to Occupy granted by the administrators of Neos Composites and Neos Superform.
Administrators' statement of proposals (2024-09-23) · Companies House register