Rippin Limited (SC056530): administration
- Status
- Administration ended
- Administration began
- 2018-08-13
- Administrators
- Alistair Mcalinden, Blair Carnegie Nimmo
- Administrators' firm
- KPMG
- Formerly
- Motaspeed Limited
- Incorporated
- 1974-10-18
- Location
- Glasgow
- Industry
- 41201 Construction of commercial buildings
Why it went into administration
- Cash flow / liquidity pressure
- Loss of a key customer, supplier or contract
From the administrators' statement
m= The Company was a well established structural steel fabricator operating across Scotland and the north of England from leasehold premises in Cowdenbeath, Fife.
m= Inrecent months the Company’s cash position significantly deteriorated as a result of key customers withholding payment following contractual disputes, a significant downturn in customer orders, the insolvency of a customer and the loss of a significant order due to speculation concerning the Company’s financial position;
= The Director sought additional third party funding and to re-finance the existing LBCF facility, however, this ultimately proved unsuccessful.
Administrators' statement of proposals (2018-10-12) · Companies House register