J. A. Waugh & SON Machinery Limited (SC337889): administration
- Status
- Administration ended
- Administration began
- 2015-04-01
- Incorporated
- 2008-02-15
- Location
- Renfrew
- Industry
- 46610 Wholesale of agricultural machinery, equipment and supplies
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was incorporated on 15 February 2008 under Company number $C337889. The Director has provided the following background history of the Company:
The Company operated as Agricultural Engineers and suppliers of agricultural parts for most makes of machinery used in our area. The Company also sourced and sold new and used agricultural plant, machinery and tractors, holding the main line franchise for McCormick , McHale Eng , Deutz Fahr , Herron , Fleming , Pottinger , Teagle , plus many more . In addition, the Company sourced machinery for export, taking advantage of the benefit of the exchange rate where possible. The Company also supplied agricultural equipment for hire to local customers,
The current economic and political issues resulted in a downturn in the agricultural market resulting in lower demand for agricultural equipment from existing customers and the loss of profit from trade-in goods. In addition, customers were taking longer to settle outstanding invoices than previously.. In December 2014, the Clydesdale Bank requested repayment of their facility and the Director determined to secure further borrowing and refinance the business.
Administrators' statement of proposals (2015-05-28) · Companies House register