Simclar International Limited (SC059937): administration
- Status
- Administration ended
- Administration began
- 2011-06-27
- Administrators
- William Kenneth Dawson
- Administrators' firm
- Deloitte
- Formerly
- R and R Engineering(Scotland)Limited
- Incorporated
- 1976-04-30
- Location
- Glasgow
- Industry
- 2524
Why it went into administration
- Regulatory change or action
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
Prior to the Administrators’ appointment the UK operations suffered as a result of investing in a series of new products, which ultimately were not successful, the latest being an environmentally friendly plug knawn as “Green Plug”. The Green Plug was significantly delayed in being brought to market because of difficulties in meeting various regulatory requirements. The directors had expected the Green Plug project to generate income for SIL from October 2010 through sales to Logicor (EU) Limited, whose parent company holds the intellectual property of the Green Plug products. At the date of the Administrators’ appointment the necessary regulatory approvals and Ofgem accreditation were not yet in place.
The Group had invested in these new product areas as its existing business was loss making. The continued delays in the Green Piug project produced severe cash flow pressure on the Group as a result of which the directors took the decision to file Notices of Appointment of Administrators at the Court.
Administrators' statement of proposals (2011-08-26) · Companies House register