Andrews Fasteners Limited

Construction

Funds Requested

£100,000.00

Offered so far

£0.00

Loan term

12 MONTHS

Auction Closed

2015-03-01

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About the Business

Company Name: Andrews Fasteners Limited Company Number: 09350180
Business Type: Construction Years Trading: 2-3 years
Business Location: WEST YORKSHIRE

About the Risk

Risk rating

C

Default rate

13.30%

Bad debt rate

5.47%

About the Security

Security Offered:

1st Charge Residential Property

Est. Equity: 0.00

2nd Charge on Residential Property

Est. Equity: 0.00

Risk Indicators Identified:

Important Files

Who are we?

Visit Our Website

Andrews Fasteners Limited have been managed by various parties and directors continuing its services from 1906. Over 100-years old trading experience made Andrews Fasteners one of the best known brands in construction industry. Our main point – Quality – made us an essential player on the market.

Currently, Andrews Fasteners Limited is managed by solely by Director Michael Carey.

Our reputation for quality assured products and service is the foundation on which the company stands. In an ever more demanding world, Quality and Full Traceability are an absolute necessity for any responsible company. We have an uncompromising responsibility and commitment in all aspects of Quality Assurance for all our clients, which is why we were one of the first stockists of BS EN 14399 and BS EN 15048 CE Approved fasteners.

Our quality systems are independently assessed and accredited to BS EN ISO 9001:2008.

Our market leading innovations are standard practise within the fastener industry. These simple, new ideas help to reduce wastage and delays on site, saving our clients time and money.

Our warehouse facilities have been enlarged to maintain our level of service to our steadily expanding customer base. This continuing growth and success has been due in a large part to the skills and experience of our staff with their well known “Can Do” approach to business.

We continue our policy of investing in people. The future of the company depends upon their abilities and co-operation.

Andrews Fasteners maintain probably the largest stock of fasteners in the UK with full 2.2, 3.1 and 3.2* Test Certificates.

As an expanding company, we now have our solely owned factory in Malaysia where we are capable of manufacturing and stocking large quantities of assembled products for global supply.

Our key-points:

  • We are ISO 9001 and National Highway Sector Scheme 3 (NHSS3) approved
  • We hold CE approval certificates for EN 14399 and EN 15048 bolting assemblies including DTIs
  • Our solely owned factory in Malaysia enabling us to manufacture and stock a large number of assembled products for global supply
  • AndFast Malaysia holds also CE approval certificates for EN 14399 and EN 15048 bolting assemblies and is approved to ISO 9001 and NHSS3.
  • We are able to supply containers direct from our own factory
  • Supplied Certificates of Conformity and Test Certificates with products are Free of Charge
  • Our products are fully traceable from our manufacturers
  • We are offering technical expertise
  • Our offer include fasteners in Galvanized, Sherardized and Bright Zinc Plated (CR3), Corrosion Resistant finishes
  • ‘Partnering’ experience with many leading companies.

Read more

Loan Offers

What is the loan for?

We would like the loan because due to the re-structure of the company a cash flow problem (Short term) has occurred.

Late last year we were issued with a notice of a potential large claim against the company by one of our existing customers, with the cause been unknown. The legal costs of the claim were putting considerable strain on the business, and as such we were advised to put the business in administration to prevent further financial strain on the business.

The company was placed in the hands of administrator Chris Brooksbank of Cleckheaton-based O'Haras on 16 January 2015 and a sale was immediately completed with AFC Products, which subsequently changed its name to Andrews Fasteners Ltd to continue the legacy of the business under the control of Michael Carey, a former director of the original company.

As well as jobs, the deal has secured future orders and supplier contracts.

Please see This article for more information

Why consider investing?

The company is in a strong position and has supplied some of the largest contracts in the UK. Current order book is at its highest level ever at £1 million. As a stockist most are received and despatched the same day.

Our products are used in various projects world wide, from London's new Terminal 5 Heathrow and Arsenals ”Sparkling” Emirates Stadium to the World Trade Centres in Hong Kong and Dubai, Andrews Fasteners Quality, Service and Expertise are highly valued by Construction Buyers around the World.

Security

The loan is to be secured by a Personal Guarantee and 2nd charge on a personal property.

The Director has an estimate net worth of £113k. This is primarily through ownership of 3 properties, 2 residential and one commercial. The total combined estimate value of these properties is £324k, with an estimate combined equity holding of £127k.

the 2nd charge will be on a personal residential property with an estimate value of £120k and equity of £40k.

DateAmountCapitalInterestReceived
01/04/2015£9,079.71£7,734.71£1,345.00
01/05/2015£9,079.71£7,838.74£1,240.97
01/06/2015£9,079.71£7,944.18£1,135.53
01/07/2015£9,079.71£8,051.02£1,028.69
01/08/2015£9,079.71£8,159.31£920.40
01/09/2015£9,079.71£8,269.05£810.66
01/10/2015£9,079.71£8,380.27£699.44
01/11/2015£9,079.71£8,492.99£586.72 (11 days late)
01/12/2015£9,079.71£8,607.22£472.49
01/01/2016£9,079.71£8,722.98£356.73
01/02/2016£9,079.71£8,840.31£239.40
01/03/2016£9,079.71£8,959.21£120.50
Total:£99,999.99£8,956.53