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Administrators called in at Two Oceans

Administrators called in at Two Oceans Air-Conditioning and Refrigeration Services Ltd.

The nationwide insolvency practitioners SFP – has been appointed Administrators at Two Oceans Air Conditioning and Refrigeration Services Limited, after the company accrued substantial debts.

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

The company employed 12 people and has an estimated annual turnover in excess of £1.1 million, but despite these seemingly healthy figures the business struggled for cash flow and was subsequently affected following the loss of a significant contract.

SFP’s Daniel and Simon Plant – both licensed members of the Insolvency Practitioners’ Association – were appointed joint Administrators of the company on July 31st 2012.

Simon Plant, Group Partner at SFP, says that Two Oceans had a good reputation for the services it provided: “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”.

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