SFP, the nationwide insolvency practitioners, has been appointed Administrators following the failure of two Sheffield-based companies: 1A Seal Systems Limited and 1A Drill Systems Limited.
1A Seal Systems Ltd, which employs around 25 members of staff, deals in passive fire protection and air tightness seals and has an annual turnover of around £3million. It also has major contracts with Morgan Sindall, Miller Construction, Bam and Vinci. 1A Drill Systems Ltd specialises in diamond cutting and sawing works, and has a staff count of 10 and an annual turnover of approximately £500,000. Together, 1A Seal Systems Ltd and 1A Drill Systems Ltd have run up debts in excess of £500,000.
Both companies cited lack of cashflow as a major contributing factor that led to the appointment of SFP’s Daniel and Simon Plant – both licensed members of the Insolvency Practitioners’ Association – as Joint Administrators on 29th July 2011. The director of the two companies, which both ceased trading prior to the appointment, is Andrew Bell.
Simon Plant, Group Partner at SFP, says that now more than ever – in the wake of a number of recent insolvencies witnessed by SFP – businesses need to be careful with how they are managing their finances: “These two 1A companies have unfortunately encountered cashflow difficulties, but SFP expects to enter discussions with interested parties and make a sale of both businesses shortly.”
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