THORBURN GROUP LIMITED

📉Decliningactive
SC137308 · ltd · incorporated 1992-03-23
Investment thesis
Established operating company — standard diligence applies, no dominant angle.
Why interesting: Live, filing, normal profile.
Why risky: No standout signals in either direction.
Why now
Window opening · high confidence
More negotiable than before — 1 signals weakening over the last 30 days.
  • · Hygiene score: 90 → 85
  • · Refinance opportunity: ready → clean_up_first
  • · Legal friction: low → moderate
Opportunity decay
drifting distress · 6-months
Drifting toward distress — expect more negotiability in 3–6 months, but also more friction.
  • · Lifecycle stage drifting downward
  • · Currently "declining"
What changed my view
Last 30 days

Picture worsened over the last 30 days — 1 negative signal vs 0 positive.

  • ↓Hygiene score: 90 → 85
  • ·Refinance opportunity: ready → clean_up_first
  • ·Legal friction: low → moderate
Last 90 days

No snapshot from 90 days ago — start tracking from today.

Last 180 days

No snapshot from 180 days ago — start tracking from today.

🔒Estimated value
—
Upgrade to see
Turnover
—
year to Nov 2024
Net worth
—
book net assets
Opportunity
74/100
Strong
🔔
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What this business does
Primary activity: Manufacture of metal structures and parts of structures
Sector: Manufacturing
ALSO REGISTERED FOR
  • 25990SIC 25990
Investor take
Pursue
Strong opportunity: active trading company with strong profile and bankable structure.

Opportunity 74/100 (strong), bankability 80/100. High owner-dependency — earn-out structure likely required for clean transition. Share purchase looks the cleaner deal structure. Most likely exit: strategic trade sale (78/100).

🏦

Refinance opportunity

2 live charges · oldest 4.0y

55/100
clean up first

Refinance viable after a tidy-up — address the highlighted items first.

  • · Charge age ~4.0 years — mid-life; refi window approaching.
  • · Single lender — cleanest path to refinance.
  • · Legal-friction score 28/100 — workable, but lender will want more DD.

Data confidence

Overall: high (80/100)

Strong data coverage across all sections. AI outputs should be trusted with minimal caveats.

Company profile
address, 2 SIC codes, incorporation date
100
Financials
2 years of iXBRL accounts extracted (YoY deltas available) + narrative notes parsed
75
Lenders & charges
2 charges (2/2 with lender, 2/2 with type)
90
Directors & officers
15 officers (3 active, 15 linked, 10 with DOB)
83
Ownership & PSC
1 active PSC(s) of 7 total, 7 with control declared
90
Director network
4 connected companies via shared directors
57
Filing history
129 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
🔒Estimated company valuation

Sector-multiple EBITDA, turnover, and NAV-proxy valuation range with confidence tier — derived from extracted iXBRL financials.

Available from the Pro tier upwards.

See pricing →
Opportunity Score
74/100Strong
PassWatchWorth a lookStrongExceptional 

Solid opportunity signal. Worth a dedicated memo and management meeting.

Business quality
70
Active, clean filings, stable charge profile.
Acquirability
50
Some acquirability indicators.
Risk profile
85
Few red flags.
Signal strength
100
Good data coverage for analysis.

Signals from accounts

Derived from iXBRL accounts · FRS 102
Profitable
Profit before tax £141,291

Key financials

2 years extracted from filed iXBRL accounts
Cash
—
Net Worth
—
Current Assets
—
Current Liabilities
—
£0£0£0£0£0£0Nov 2023Nov 2024

Hover to see exact values · click legend to toggle series

Financials

Extracted from Companies House accounts · FRS 102
Metric2024-11-302023-11-30
Profit before tax£141.3k£207.0k
Average employees104009300

Amounts extracted automatically from iXBRL. Fields left blank were not reported or not mapped. Values in GBP unless stated.

🔒Filing-note intelligence

3 signals detected in this company's narrative notes — going-concern language, audit opinion, contingent liabilities, related-party transactions.

Available from the Pro tier upwards.

See pricing →

Recent activity

Last 30 days
2
filings
  • • 2 officers
Last 90 days
2
filings
  • • 2 officers
Last 180 days
2
filings
  • • 2 officers
Counts from Companies House filing history.
Corporate timeline (49 events)Click to expand
  1. 2026-06-05
    📄
    appoint-person-secretary-company-with-name-date
    officers · AP03
  2. 2026-06-05
    📄
    termination-secretary-company-with-name-termination-date
    officers · TM02
  3. 2026-06-04
    ➕
    THORBURN, Aynsley Ann appointed
    secretary
  4. 2026-06-04
    ➖
    GWA COSEC LTD resigned
    corporate-secretary
  5. 2025-08-28
    📄
    accounts-with-accounts-type-full
    accounts · AA
  6. 2025-06-04
    📄
    termination-director-company-with-name-termination-date
    officers · TM01
  7. 2025-04-07
    📄
    termination-director-company-with-name-termination-date
    officers · TM01
  8. 2025-04-07
    📄
    termination-director-company-with-name-termination-date
    officers · TM01
  9. 2025-04-04
    ➖
    MORRIS, Philip John Douglas resigned
    director
  10. 2025-04-04
    ➖
    THORBURN, Alistair Ewart resigned
    director
  11. 2025-04-04
    ➖
    THORBURN, Gwen Christina resigned
    director
  12. 2024-11-29
    📄
    accounts-with-accounts-type-full
    accounts · AA
  13. 2023-10-13
    📄
    accounts-with-accounts-type-full
    accounts · AA
  14. 2023-08-01
    📄
    change-person-director-company-with-change-date
    officers · CH01
  15. 2023-08-01
    📄
    change-person-director-company-with-change-date
    officers · CH01
  16. 2023-08-01
    📍
    change-registered-office-address-company-with-date-old-address-new-address
    address · AD01
  17. 2022-11-29
    📄
    accounts-with-accounts-type-full
    accounts · AA
  18. 2022-08-23
    📄
    mortgage-create-with-deed-with-charge-number-charge-creation-date
    mortgage · MR01
  19. 2022-08-19
    🔒
    Charge registered #2
    Lender: The Royal Bank of Scotland PLC
  20. 2022-06-24
    📄
    mortgage-create-with-deed-with-charge-number-charge-creation-date
    mortgage · MR01
  21. 2022-06-23
    📄
    change-person-director-company-with-change-date
    officers · CH01
  22. 2022-06-23
    📄
    change-person-director-company-with-change-date
    officers · CH01
  23. 2022-06-20
    🔒
    Charge registered #1
    Lender: The Royal Bank of Scotland PLC
  24. 2022-02-17
    📄
    appoint-person-director-company-with-name-date
    officers · AP01
  25. 2022-02-16
    📄
    appoint-person-director-company-with-name-date
    officers · AP01
  26. 2021-11-24
    📄
    change-account-reference-date-company-current-extended
    accounts · AA01
  27. 2021-09-30
    📄
    resolution
    resolution · RESOLUTIONS
  28. 2021-06-04
    ➕
    THORBURN, Aynsley Ann appointed
    director
  29. 2021-06-04
    ➕
    MORRIS, Philip John Douglas appointed
    director
  30. 2021-06-04
    ➕
    THORBURN, Gwen Christina appointed
    director
  31. 2021-06-04
    ➖
    THORBURN, John Robert resigned
    director
  32. 2021-06-04
    ➖
    THORBURN, John Steel resigned
    director
  33. 2021-06-04
    ➖
    THORBURN, John resigned
    director
  34. 2021-06-04
    ➖
    THORBURN, Rosemary Isobel Barbara resigned
    director
  35. 2021-06-04
    ➖
    THORBURN, William Stuart resigned
    director
  36. 2014-11-04
    ➖
    THORBURN, William Stuart resigned
    secretary
  37. 2014-11-04
    ➕
    GWA COSEC LTD appointed
    corporate-secretary
  38. 2012-03-15
    ➕
    THORBURN, Euan Robert appointed
    director
  39. 2012-03-15
    ➕
    THORBURN, John Robert appointed
    director
  40. 1993-03-23
    ➖
    COMBINED SECRETARIAL SERVICES LIMITED resigned
    corporate-nominee-secretary
  41. 1992-03-23
    🏢
    Company incorporated
    As THORBURN GROUP LIMITED
  42. 1992-03-23
    ➕
    COMBINED SECRETARIAL SERVICES LIMITED appointed
    corporate-nominee-secretary
  43. 1992-03-23
    ➕
    THORBURN, Alistair Ewart appointed
    director
  44. 1992-03-23
    ➕
    THORBURN, John Steel appointed
    director
  45. 1992-03-23
    ➕
    THORBURN, John appointed
    director
  46. 1992-03-23
    ➕
    THORBURN, Rosemary Isobel Barbara appointed
    director
  47. 1992-03-23
    ➕
    THORBURN, William Stuart appointed
    director
  48. 1992-03-23
    ➕
    COMBINED NOMINEES LIMITED appointed
    corporate-nominee-director
  49. 1992-03-23
    ➖
    COMBINED NOMINEES LIMITED resigned
    corporate-nominee-director

Owner dependency

81/100
Critical — business is the founder

The business appears inseparable from the founder. Acquisition without a serious earn-out or meaningful transition period would likely destroy value.

FACTORS
  • +Two-director setup: Only two active directors — typical of owner-managed SMEs but limits succession.
  • +Founder name in company name: Company name contains director surname "THORBURN" — strong identity link between founder and business.
  • +Family involvement: Multiple officers share a surname — likely family business, which concentrates governance.

Succession & seller-readiness

49/100
Moderate signal

Some succession indicators present. Worth watching; approach if sector/strategy fits.

SIGNALS
  • secondaryTwo-director governance: Small-team governance. Succession depth is thin but not absent.
  • secondary12+ year tenure: Director in role 14 years.
  • supportingClean filings + long tenure: Disciplined long-tenure operator — classic lifestyle-business pattern that often sells quietly.

Red flags

clean
No red flags detected from available public data. (This is not a clean bill of health — detailed accounts review still recommended.)

Group structure

Thorburn Holdings Limited is the ultimate parent — holding 75%+ shares. This company sits inside their group.

🏛️
Thorburn Holdings Limited
Corporate parent · holds 75-100% shares · board control
ultimate parent
⬇
THORBURN GROUP LIMITED
This company · SC137308

Parent relationships inferred from Persons with Significant Control filings. Full subsidiary tree requires reverse-lookup (coming).

Shareholders & ownership

1 active beneficial owner · dominant holder ≥75%
NameSharesVoting rightsNature of controlNotified
Thorburn Holdings Limited
Corporate entity
75–100%
75–100%board control75-100% shares · 75-100% voting · board control04/06/2021
6 historic (ceased) PSCs
  • Mrs Gwen Christina Thorburnceased 04/06/2021· 25-50% shares
  • Mr Alistair Ewart Thorburnceased 04/06/2021· 25-50% voting
  • Mr John Steel Thorburnceased 04/06/2021· 25-50% voting
  • Mr William Stuart Thorburnceased 04/06/2021· 25-50% voting
  • Mrs Deborah Thorburnceased 04/06/2021· 25-50% shares
  • Mrs Sally-Anne Thorburnceased 04/06/2021· 25-50% shares

From Companies House Persons with Significant Control filings. Share ranges are banded per the public PSC regime.

🔒Co-director network graph

Radial SVG graph showing every company connected via shared directors, colour-coded by status.

Available from the Pro tier upwards.

See pricing →

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Peers ranked by estimated value, then turnover, then opportunity score.See all →
🔒Tailored diligence questions

7 specific questions generated from this company's actual signals — liquidity, leverage, director age, charge count, red flags, age-of-company.

Available from the Pro tier upwards.

See pricing →
🔒Advanced scoring suite

Exit-route ranking, improvement thesis, quiet-distress detector, covenant-pressure proxy, extraction monitor, approaching triggers, ownership drift, local cluster, value trap, debt capacity, archetype classification — 48+ scoring modules.

Available from the Pro tier upwards.

See pricing →

Company details

Statusactive
Typeltd
Incorporated1992-03-23
Jurisdictionscotland
Primary SIC25110 — Manufacture of metal structures and parts of structures

Registered office

Unit 1 Duns Industrial Estate
Duns
Berwickshire
TD11 3HS
United Kingdom

Filing status

Accounts
Next due: 2026-08-31
Last made up to: 2024-11-30
Confirmation statement
Next due: 2026-11-25
Last: 2025-11-11

Officers (3 active · 12 resigned)

THORBURN, Aynsley Ann→
secretary · appointed 2026-06-04
View their other companies + combined net worth →
Active
THORBURN, Aynsley Ann→
director · ~37y · appointed 2021-06-04
View their other companies + combined net worth →
Active
THORBURN, Euan Robert→
director · ~40y · appointed 2012-03-15
View their other companies + combined net worth →
Active
THORBURN, William Stuart→
secretary · resigned 2014-11-04
Resigned
COMBINED SECRETARIAL SERVICES LIMITED→
corporate-nominee-secretary · appointed 1992-03-23 · resigned 1993-03-23
Resigned
GWA COSEC LTD→
corporate-secretary · appointed 2014-11-04 · resigned 2026-06-04
Resigned
MORRIS, Philip John Douglas→
director · ~57y · appointed 2021-06-04 · resigned 2025-04-04
Resigned
THORBURN, Alistair Ewart→
director · ~64y · appointed 1992-03-23 · resigned 2025-04-04
Resigned
THORBURN, Gwen Christina→
director · ~65y · appointed 2021-06-04 · resigned 2025-04-04
Resigned
THORBURN, John Robert→
director · ~39y · appointed 2012-03-15 · resigned 2021-06-04
Resigned
THORBURN, John Steel→
director · ~66y · appointed 1992-03-23 · resigned 2021-06-04
Resigned
THORBURN, John→
director · ~94y · appointed 1992-03-23 · resigned 2021-06-04
Resigned
THORBURN, Rosemary Isobel Barbara→
director · ~89y · appointed 1992-03-23 · resigned 2021-06-04
Resigned
THORBURN, William Stuart→
director · ~61y · appointed 1992-03-23 · resigned 2021-06-04
Resigned
COMBINED NOMINEES LIMITED→
corporate-nominee-director · appointed 1992-03-23 · resigned 1992-03-23
Resigned

Click a director name to see their full track record across all companies.

Mortgages & charges

2
Total charges
2
Outstanding
1
Active lenders
Status:Lender:2 of 2 shown
TypeProperties
outstanding
Lloyds Banking Group
The Royal Bank of Scotland PLC
A registered charge1 property19/08/2022—
outstanding
Lloyds Banking Group
The Royal Bank of Scotland PLC
A registered charge—20/06/2022—
Click column headers to sort. Use filters above to narrow by status and lender.

Recent filings (129 total)

appoint-person-secretary-company-with-name-date
officers · AP03
2026-06-05
termination-secretary-company-with-name-termination-date
officers · TM02
2026-06-05
confirmation-statement-with-no-updates
confirmation-statement · CS01
2025-11-11
accounts-with-accounts-type-full
accounts · AA
2025-08-28
termination-director-company-with-name-termination-date
officers · TM01
2025-06-04
termination-director-company-with-name-termination-date
officers · TM01
2025-04-07
termination-director-company-with-name-termination-date
officers · TM01
2025-04-07
accounts-with-accounts-type-full
accounts · AA
2024-11-29
confirmation-statement-with-no-updates
confirmation-statement · CS01
2024-11-26
confirmation-statement-with-updates
confirmation-statement · CS01
2023-11-24
accounts-with-accounts-type-full
accounts · AA
2023-10-13
change-person-director-company-with-change-date
officers · CH01
2023-08-01
change-person-director-company-with-change-date
officers · CH01
2023-08-01
change-registered-office-address-company-with-date-old-address-new-address
address · AD01
2023-08-01
confirmation-statement-with-no-updates
confirmation-statement · CS01
2023-04-17