RRSS Realisations Limited (SC118747): administration
- Status
- Administration ended
- Administration began
- 2022-02-28
- Administrators
- Callum Angus Carmichael, Michelle Marie Elliot, Thomas Campbell Maclennan
- Administrators' firm
- FRP Advisory
- Formerly
- R.R. Spink & Sons (Arbroath) Limited
- Incorporated
- 1989-06-23
- Location
- Edinburgh
- Industry
- 10200 Processing and preserving of fish, crustaceans and molluscs
Why it went into administration
- Rising costs / inflation
- Funding withdrawn / unable to refinance
- Loss of a key customer, supplier or contract
From the administrators' statement
+ The company is part of the Dawnfresh group and a subsidiary of Dawnfresh
Seafoods Limited (DSL"). . ? Events leading to the appointment of the Administrators
• FRP were approached by AS in November 2021 tc carry out a review of the Group while they considered either a sale of the Uddingston site to an identified potential purchaser or potential closure of the site and merger of operations in to Arbroath. This strategy had been developed by the management team during 2021. Historically funding had been provided primarily by AS, together with overdraft facilities from Bank of Scotland who hold a security over the Arbroath & Uddingston premises together with a floating charge over ali group assets. BoS have a maximum exposure of £2.55m across the group with cross guarantees. The BoS debt comprises a £1.95m group overdraft facility together with a bond to a supplier of £600k. We believe the current bank exposure is circa £2.3m.
Administrators' statement of proposals (2022-03-08) · Companies House register