Durisol UK Ltd. (SC293773): administration
- Status
- Administration ended
- Administration began
- 2022-04-06
- Administrators' firm
- Leonard Curtis
- Formerly
- Intelligent Building System Ltd.; Durisol UK Ltd.
- Incorporated
- 2005-11-28
- Location
- Glasgow
- Industry
- 23610 Manufacture of concrete products for construction purposes
Why it went into administration
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
The Company is an award winning, British based manufacturer of Woodcrete ICF building blocks. The technology offers a simple and sustainable alternative to cavity masonry, brick and block, block and block and timber frame construction, by way of an easy to use and thermally efficient construction system.
The Company benefits from and operates under a licence, providing rights to operate the Durisol™ knowhow and production rights. The Durisol brand now operates worldwide as a manufacturer of cement-bonded wood fibre products with 14 manufacturing locations throughout the world.
The Company was incorporated in November 2005 and commenced trading in the UK in 2008/09 from its current premises in Crumlin, South Wales, selling product to customers throughout the UK and Ireland. From inception, the Company has been supported financially by its existing major shareholders who have introduced significant sums into the Company by way of loans in order to support the ongoing working capital requirements of the business. Whilst the Company has managed to establish a unique product in the UK and year on year sales have been increasing in recent years, the business has not managed to consistently return a material profit from the time of its incorporation. This situation has led to shareholders having to continue to financially support the business through significant loans, the majority of which have now been capitalised in the Company's accounts.
Administrators' statement of proposals (2022-05-13) · Companies House register