ATEC GROUP HOLDINGS LIMITED

• ◆

  1 PSC ceased in last 24 months

  Significant control changed hands — see the Ownership section.

1. ATEC GROUP HOLDINGS LIMITED 2018-11-05 → present
2. LIME TOPCO LIMITED 2017-07-04 → 2018-11-05

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Grant Thornton UK LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The group reports a loss of £1,322,523 for the year ended 30 September 2024. This included non-recurring costs associated with the sale of the group of £3,507,296 therefore the underlying profit would have been £2,184,773. At the year end, Atec Group Holdings Limited had net liabilities of £15,387,518 which included balances due to Angelus Bidco Limited and Angleus Topco Limited of £34,268,557 combined arising as a result of the settlement of the previous financing structure described above. Formal confirmation has been received by Angelus TopCo Limited and PW Angelus Limited that they will not recall the intercompany balances due from the group within 12 months of the Statement of Financial Position. The directors of Angelus TopCo Limited run the group in such a way as to ensure that all the legal entities within the group are able to continue on a going concern basis. To this end, the trading companies Ceta Insurance Limited and Arkel Limited settle all interest and other obligations on behalf of the non-trading entities. The key consideration when assessing going concern is the group's ability to service its senior debt and comply with the associated covenants. Whilst the debt is larger than it was prior to the refinancing, this reflects the growth of the group, which is now significantly larger than when the previous facility was originally put in place. Despite this ample headroom is in place across all of the covenants so that the group would be able to withstand a significant downturn in business without the risk of breaching financial covenants. For these reasons, they continue to adopt the going concern basis in preparing the financial statements.”

Group structure

1. ATEC GROUP HOLDINGS LIMITED · parent
   1. Atec Group (Midco) Limited 100% · England, OX7 5SR · Holding company
   2. Atec Group (Holdco) Limited 100% · England, OX7 5SR · Holding company
   3. Atec Group Limited 100% · England, OX7 5SR · Holding company
   4. CETA Insurance Ltd 100% · England, OX7 5SR · Insurance
   5. Arkel Limited 100% · United Kingdom, BS1 6TP · Insurance
   6. Insuremyhome Ltd 100% · England, OX7 5SR · Dormant
   7. Insuremyholiday Ltd 100% · England, OX7 5SR · Dormant
   8. Insuremycar Ltd 100% · England, OX7 5SR · Dormant
   9. Insuremybusiness Ltd 100% · England, OX7 5SR · Dormant
   10. Insuremy Ltd 100% · England, OX7 5SR · Dormant

Significant events

• “On the 16 August 2024, 100% of the share capital of Atec Group Holdings Limited was acquired by Angelus Bidco Limited. The ultimate parent company is Angelus TopCo Limited, a company owned and controlled by PW Angelus Limited. The purchase was financed using a mixture of investor equity, preference shares and bank debt.”
• “As part of the sale and refinance, the previous bank facility, loan notes and preference shares were all settled, to be replaced by new senior debt facilities and preference shares.”
• “The group has net liabilities of £15.4m (2023: £14.1m) due to the financing structure in place.”
• “RC Crockett (resigned 16 August 2024) PA Yates (resigned 16 August 2024).”
• “In October 2023 a partial repayment of the principal value of the unsecured loan notes was made of £3,079,393.”
• “The remaining balance matured at a cumulative interest rate of 12% to a value of £17,921,126 at completion, where Angelus BidCo Limited settled the balance in full. This created an intercompany liability which remained outstanding at the year end.”
• “As part of the change of ownership and refinance, the loan notes were de-listed in October 2024 from The International Stock Exchange (TISE).”
• “On the 16 August 2024 certain directors and employees in the group received equity awards in Angelus TopCo Limited. A total of 233,000 Class C shares were issued to Ceta Insurance Ltd employees and 27,000 Class C shares to Arkel Limited employees at a consideration of £1 per share.”
• “Under the previous ownership and financing structure, a warrant for 3,093 A1 ordinary shares was held by Cordet Lending S.a.r.l. This was exercised immediately prior to the sale of the business and resulted in the issue of 3,093 new A ordinary shares at a consideration of £0.01 per share.”
• “Further, as part of the sale 30,964 A1 shares and 919 A2 shares were converted into deferred shares at a nominal value of £0.01 each.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

1

last 12 months

Capital events

5

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +30.7%

  £19,641,365 → £25,665,947

• Cash

  +3.5%

  £14,920,859 → £15,440,277

• Net assets

  -9.4%

  -£14,065,026 → -£15,387,518

• Employees

  -1.1%

  94 → 93

• Operating profit

  -12.3%

  £4,073,485 → £3,571,394

• Profit before tax

  +12.7%

  £480,768 → £541,939

• Wages

  +41.2%

  £3,359,476 → £4,742,633

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers