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Administration · 23 March 2023

Torpoint

Developer · Bradford · Yorkshire and the Humber

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What happened

TORPOINT LIMITED (company number 02783356), incorporated in 1993, entered administration on 23 March 2023. Its status at Companies House is now: liquidation.

Why it failed

Two legacy contracts priced before inflation became loss-making, clients declined to renegotiate and issued pay less notices, private clients pulled back, and an investor withdrew its offer.

  • Main reason: Losses on contracts
  • Cost inflation
  • Clients not paying or failing
  • Covid-19
  • Delays
  • Market downturn
  • Sale or investment failed
  • Cash flow

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.

Timeline

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

  1. 28 February 2022

    Last accounts filed were made up to this date

    13 months later

  2. 23 March 2023

    Administration started

    12 months later

  3. 25 March 2024

    Administration ended

  4. 25 March 2024

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

AccountsPayment reportInsolvency

Before it failed

Key figures

Turnover in its last accounts, year to Feb 2022
£24.2m
Accounts at Companies House
Profit before tax, year to Feb 2022
£495k
Accounts at Companies House
Staff, year to Feb 2022
78
Accounts at Companies House
Net assets, year to Feb 2022
£4.6m
Accounts at Companies House
Owed to unsecured creditors (estimated), as at 23 March 2023
£3.1m
of which trade creditors £666k. HMRC owed £84k. a further £493k owed to its lenders. Expected return to unsecured creditors: about 20p in the pound
Administrators' proposals

The last accounts filed were group accounts made up to 28 February 2022, 13 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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In the news

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