CK Weld.Co Limited (SC170872): administration
- Status
- Administration ended
- Administration began
- 2017-02-23
- Administrators
- Alexander Iain Fraser, Thomas Campbell Maclennan
- Administrators' firm
- FRP Advisory
- Formerly
- Bonsquare 516 Limited
- Incorporated
- 1996-12-24
- Location
- Aberdeen
- Industry
- 46140 Agents involved in the sale of machinery, industrial equipment, ships and aircraft
Why it went into administration
- Weak consumer demand
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
The Company was incorporated in 1996 and operated as a vendor of welding equipment and consumables, largely to the oil and gas sector. At the date of administration it had three employees and operated from a unit at Greenrole Trading Estate, Howe Moss Drive, Dyce, AB21 OGL.
The company had grown from an average turnover of £2.0M from FY07 to FY11 to generate average turnover of £3.2M from FY12 to FY15, with strong and consistent net profitability across that period.
The well-publicised downturn in the oil and gas sector from mid-2014 onwards and the stagnation of North Sea project work led to a terminal decline in the Company’s own trade.
Administrators' statement of proposals (2017-04-10) · Companies House register