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Administration · 7 February 2019

Newman Scott

Specialist trade · Stockton · North East England

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What happened

NEWMAN SCOTT LIMITED (company number 02195418), incorporated in 1987, entered administration on 7 February 2019. Its status at Companies House is now: dissolved.

Why it failed

Shopfitting work slowed and margins fell while overheads stayed high; by January 2019 there were no firm orders, so most staff were made redundant before administration.

  • Main reason: Market downturn

Our summary of the reasons given in the administrators' proposals. These record the administrators' and directors' account of what happened.

An administrator, a licensed insolvency practitioner, takes control of the company to try to rescue it, sell the business or get a better result for creditors than a liquidation.

Previously known as: NEWMAN SCOTT (CLEVELAND) LIMITED, FRESHFAYRE (SOUTHERN) LIMITED.

Timeline

The last accounts and payment report before the failure, then what happened, with the time between each.

  1. 31 October 2017

    Last accounts filed were made up to this date

    16 months later

  2. 7 February 2019

    Administration started

    11 months later

  3. 23 January 2020

    Administration ended

  4. 23 January 2020

    Creditors' voluntary liquidation started (shareholders resolved to wind up)

    6 years later

  5. 30 June 2026

    Due to be dissolved

AccountsPayment reportInsolvency

Before it failed

Key figures

Turnover in its last accounts, year to Oct 2017
£10.0m
Accounts at Companies House
Loss before tax, year to Oct 2017
£472k
Accounts at Companies House
Staff, year to Oct 2017
48
Accounts at Companies House
Net assets, year to Oct 2017
£519k
Accounts at Companies House
Owed to unsecured creditors (estimated), as at 7 February 2019
£2.1m
of which trade creditors £1.4m. HMRC owed £273k. Expected return to unsecured creditors: expected, amount not yet known
Administrators' proposals

The last accounts filed were full accounts made up to 31 October 2017, 15 months before it went into administration.

The full filing history, including any late filings, charges and director changes, is on Companies House.

Lessons learned report

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