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Administration for air-conditioning company

Two Oceans Air Conditioning and Refrigeration Services Limited has been placed into administration following cashflow problems and the loss of a major contract.

The case will be handled by Daniel and Simon Plant from nationwide insolvency practitioner SFP, who were appointed joint administrators on 31 July.

Simon Plant said the company had established a good reputation for delivering its services.

“However, in the current environment the appetite for risk is low and this has meant that, despite interested parties, a going concern sale of the business was not achievable, which resulted in it ceasing to trade,” he said.

The company’s annual turnover was estimated at just over £1.1 million and 12 people were employed.

Established in 2004, the air conditioning and refrigeration specialist offered design, installation, maintenance and repair services from its headquarters in Hampton, Middlesex.

It was further reported that the business had accrued “substantial debts”.