Group News
Leonard Curtis appointed to TLM Laser Ltd
Stewart Goldsmith and Nicola Layland from Leonard Curtis were appointed Joint Administrators to industrial laser machine systems and servicing business TLM Laser Limited, on Monday 13th April.
TLM Laser supplied and supported industrial laser systems for manufacturers across the UK and Ireland, providing machines for precision marking, cutting, welding, cleaning and related processes, alongside comprehensive servicing, maintenance and safety equipment.
It was based across two locations in Bromsgrove, Worcestershire (HQ) and Bathgate, West Lothian, Scotland and employed 18 people including two directors.
Unfortunately, the business ceased trading on 31st March with all 18 employees made redundant.
The company had seen a dramatic fall in levels of orders being converted, with customers delaying decisions due to wider market uncertainty in defence, automotive and semi-conductor manufacturing sectors.
This translated into a series of very weak sales months which materially impacted on cash flow, particularly given the company’s relatively high fixed cost base. Directors recognised that losses were being incurred and took the decision to close the doors to avoid worsening the position for creditors.
The Joint Administrators have instructed agents, Lambert Smith Hampton, to liaise with the company’s two major German suppliers (for whom the company acted as the sole UK Distributor), to establish whether they would support a new business taking over the fulfilment of maintenance/servicing contracts and to act as the new UK distributor. The plan would then be to market this opportunity to the open market.
Stewart Goldsmith commented: “We engaged early with TLM’s secured creditor, Investec Capital, to ensure they were on board with the proposed administration appointment and put it in place promptly.
“We then co-ordinated an HMRC visit to site immediately following appointment to safeguard assets and to get an office holder in place to enable the conversations to be had with the German suppliers. This also helped us start debt collection procedures to generate funds for creditors.
“There are undoubted challenges ahead but by acting early and providing a clear vision for the management team at TLM we have provided platforms for positive discussions with all stakeholders to resolve issues and move forward.”
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Leonard Curtis is a trading style of Reach Commercial Finance Limited, registered at Riverside House, Irwell Street, Manchester, M3 5EN. Company Register number is 09056450. Reach Commercial Finance Limited is authorised and regulated by the Financial Conduct Authority, FRN: 753686. Reach Commercial Finance Limited is an authorised credit broker and not a lender. We work with an unrestricted number of lenders to find a potentially suitable arrangement for your consideration. ICO registration ZA069234 and you can check via www.ico.org.uk. We will receive commission from lenders. Different lenders pay different amounts depending on different commission models. For transparency we work with the following commission models: fixed fee, fixed rate of commission, percentage of the amount you borrow and rate for risk (this is based on the risk profile of the business). Further details of the commission model, calculation and amount will be disclosed to you throughout your customer journey. Privacy notice.
Leonard Curtis Legal Limited is a limited company, registered in England and Wales with registered number 09820186. Registered office: Riverside House, Irwell Street, Manchester M3 5EN. Leonard Curtis Legal Limited is registered with the Solicitors Regulation Authority with number 626004.