I - TEK Engineering Limited (SC406269): administration
- Status
- Administration ended
- Administration began
- 2016-03-21
- Administrators
- Francis Graham Newton, James Bernard Stephen
- Administrators' firm
- BDO
- Incorporated
- 2011-08-30
- Location
- Glasgow
- Industry
- 25990 Manufacture of other fabricated metal products n.e.c.
Why it went into administration
- Loss of a key customer, supplier or contract
From the administrators' statement
The Company was incorporated on 30 August 2011. The Company operated from 1 Steadman Place, Riverside Business Park, Irvine KA11 5DN, which was leased. The Company’s principal activity was the manufacture of fabricated metal products.
The Company was profitable and in 2013 embarked on expansion to service oil industry related work. It invested in new machinery and premises using finance raised from hire purchase and the issuing of new £1 shares.
In the later part of 2015 the Company experienced a slowdown in orders from the oil and gas sector which impacted profitability and cash flow. A further £136k was invested in the form of share capital by one of the Directors in 2015 to aid working capital.
Administrators' statement of proposals (2016-05-09) · Companies House register