NES (North Electrical Services) Ltd (SC425308): administration
- Status
- Administration ended
- Administration began
- 2018-11-27
- Administrators
- Scott Milne, Ian William Wright
- Administrators' firm
- Wri Associates
- Incorporated
- 2012-05-31
- Location
- Glasgow
- Industry
- 33140 Repair of electrical equipment
Why it went into administration
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 31 May 2012 and traded as electrical instaltation and repairs contractors. The Company employed 31 members of staff.
The Company granted two floating charges. A first ranking charge to Working Capital Partners Limited ("WCP’) on 19 March 2014 and a second ranking charge to Bank of Scotiand (“BOS”) on 11 March 2016. At the date of the appointment, there was a debt of £9,893.52 due to WCP and a debt of £74,236.90 due to BOS.
The Company had been profitable from incorporation until mid 2016. Significant growth coupled latterly with more challenging difficult trading conditions had seen losses in the following year, however management accounts made up to 30 September 2018 indicated that the Company had been profitable from late 2017.
Administrators' statement of proposals (2019-01-21) · Companies House register