ICHOR SYSTEMS LTD

💤Zombieactive
SC244681 · ltd · incorporated 2003-02-27
Investment thesis
Zombie company — trading but stalled; unlikely mover.
Why interesting: Quiet, steady; could be a succession or carve-out candidate with the right conversation.
Why risky: No growth signal; thin margin for error on price.
🔒Estimated value
—
Upgrade to see
Turnover
—
not disclosed
Net worth
—
book net assets
Opportunity
74/100
Strong
🔔
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What this business does
Primary activity: Other manufacturing n.e.c.
Sector: Manufacturing
Investor take
Pursue
Strong opportunity: active trading company with strong profile and bankable structure.

Opportunity 74/100 (strong), bankability 75/100. Strong seller-intent signal (65/100, director aged 58). Share purchase looks the cleaner deal structure. Biggest value-creation lever: Broaden director team. Sole director creates succession risk and reduces buyer comfort. Appoint a second director or strong #2. Most likely exit: share sale to pe / searcher (73/100).

🏦

Refinance opportunity

3 live charges · 2 lenders · oldest 22.9y

30/100
under pressure

Refinance would be pressure-driven, not opportunity-driven. Expect tighter margins and covenant scrutiny.

  • · Oldest live charge is 22.9 years old — likely at or near maturity.
  • · Two lenders — manageable, but coordination required.
  • · Distress signals active — lender appetite narrows.

Data confidence

Overall: medium (57/100)

Adequate coverage. AI outputs are reliable for the sections scored high; verify the rest in diligence.

Company profile
address, 1 SIC codes, incorporation date
100
Financials
No iXBRL financials extracted
0
Lenders & charges
3 charges (3/3 with lender, 3/3 with type)
90
Directors & officers
18 officers (1 active, 18 linked, 14 with DOB)
86
Ownership & PSC
1 active PSC(s) of 1 total, 1 with control declared
90
Director network
2 connected companies via shared directors
51
Filing history
106 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
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
70
Strong succession / seller-readiness signals.
Risk profile
69
Some moderate concerns — review flags.
Signal strength
100
Good data coverage for analysis.

Recent activity

Last 30 days
0
filings
Last 90 days
3
filings
  • • 2 officers
  • • 1 confirmation-statement
Last 180 days
3
filings
  • • 2 officers
  • • 1 confirmation-statement
Counts from Companies House filing history.
Corporate timeline (57 events)Click to expand
  1. 2026-03-20
    📄
    termination-director-company-with-name-termination-date
    officers · TM01
  2. 2026-03-20
    📄
    termination-director-company-with-name-termination-date
    officers · TM01
  3. 2026-03-01
    ➖
    ANDRESON, Jeffrey Scott resigned
    director
  4. 2026-03-01
    ➖
    SWYT, Gregory Francis resigned
    director
  5. 2025-10-03
    📍
    change-registered-office-address-company-with-date-old-address-new-address
    address · AD01
  6. 2025-07-28
    📄
    accounts-with-accounts-type-full
    accounts · AA
  7. 2025-01-14
    📄
    accounts-with-accounts-type-full
    accounts · AA
  8. 2023-12-01
    📄
    appoint-person-director-company-with-name-date
    officers · AP01
  9. 2023-12-01
    📄
    termination-director-company-with-name-termination-date
    officers · TM01
  10. 2023-11-22
    ➖
    ROHRS, Tom resigned
    director
  11. 2023-11-22
    ➕
    SWYT, Gregory Francis appointed
    director
  12. 2023-11-02
    📄
    accounts-with-accounts-type-full
    accounts · AA
  13. 2023-10-16
    📄
    change-person-director-company-with-change-date
    officers · CH01
  14. 2023-01-09
    📄
    accounts-with-accounts-type-full
    accounts · AA
  15. 2021-12-23
    📄
    accounts-with-accounts-type-full
    accounts · AA
  16. 2020-12-23
    📄
    accounts-with-accounts-type-full
    accounts · AA
  17. 2019-10-02
    📄
    accounts-with-accounts-type-full
    accounts · AA
  18. 2018-10-05
    📄
    accounts-with-accounts-type-full
    accounts · AA
  19. 2018-01-23
    📄
    change-person-director-company-with-change-date
    officers · CH01
  20. 2018-01-23
    📄
    appoint-person-director-company-with-name-date
    officers · AP01
  21. 2017-12-31
    ➕
    ANDRESON, Jeffrey Scott appointed
    director
  22. 2017-12-31
    ➖
    CARSON, Maurice Eugene resigned
    director
  23. 2016-12-01
    ➕
    ROHRS, Tom appointed
    director
  24. 2016-11-30
    ➖
    KOWAL, Andrew Jeffrey, Mr. resigned
    director
  25. 2016-09-01
    ➕
    SPENCE, John Alexander appointed
    director
  26. 2016-08-31
    ➖
    BEAUMONT, Andrew resigned
    director
  27. 2015-07-01
    ➖
    NICOLSON, Donald resigned
    secretary
  28. 2015-07-01
    ➕
    BEAUMONT, Andrew appointed
    director
  29. 2015-07-01
    ➖
    NICOLSON, Donald resigned
    director
  30. 2014-08-02
    ➕
    CARSON, Maurice Eugene appointed
    director
  31. 2014-08-02
    ➖
    RATH, Michael John resigned
    director
  32. 2013-06-30
    ➕
    KOWAL, Andrew Jeffrey, Mr. appointed
    director
  33. 2013-06-30
    ➖
    KURTZ, Sky resigned
    director
  34. 2012-06-27
    🔒
    Charge registered #3
    Lender: Silicon Valley Bank
  35. 2012-04-19
    ➕
    RATH, Michael John appointed
    director
  36. 2012-04-19
    ➖
    RATH, Michael John resigned
    director
  37. 2012-04-13
    ➖
    FIRTH, Mark Andrew, Mr. resigned
    secretary
  38. 2012-04-13
    ➕
    NICOLSON, Donald appointed
    secretary
  39. 2012-04-13
    ➖
    FIRTH, Mark Andrew, Mr. resigned
    director
  40. 2012-04-13
    ➕
    KURTZ, Sky appointed
    director
  41. 2012-04-13
    ➕
    RATH, Michael John appointed
    director
  42. 2012-04-13
    ➖
    SPENCE, John Alexander resigned
    director
  43. 2012-04-13
    ➖
    TANGNEY, Owen Anthony, Mr. resigned
    director
  44. 2012-03-31
    🔓
    Charge satisfied #1
  45. 2012-03-06
    🔓
    Charge satisfied #2
  46. 2004-01-01
    ➕
    SPENCE, John Alexander appointed
    director
  47. 2003-06-17
    🔒
    Charge registered #2
    Lender: Davenham Trade Finance Limited
  48. 2003-06-17
    🔒
    Charge registered #1
    Lender: Davenham Trade Finance Limited
  49. 2003-06-16
    ➕
    NICOLSON, Donald appointed
    director
  50. 2003-03-31
    ➕
    FIRTH, Mark Andrew, Mr. appointed
    secretary
Showing most recent 50 of 57 events

Owner dependency

83/100
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
  • +Sole director: Only one active director — all governance concentrated on one person.
  • +Senior director age: Director aged approximately 58 — approaching natural succession window.

Succession & seller-readiness

65/100
Strong succession signal

Multiple signals suggest succession is on the horizon. Candidate for proactive outreach.

SIGNALS
  • secondaryFounder aged 58+: Senior director is approximately 58. Early succession window.
  • primarySole active director: Only one director in control. No visible successor — buyers solve the succession problem.
  • secondaryStable-but-static management: Company is 23 years old and no new directors in the last 3 years — succession not yet being planned internally.

Red flags

2 med ·
2 director resignations in last 12 months
medium

Multiple recent departures can indicate governance disagreement, succession event, or preparation for sale/stress.

Evidence: ANDRESON, Jeffrey Scott resigned 2026-03-01; SWYT, Gregory Francis resigned 2026-03-01

Charge satisfaction-then-recreation pattern
medium

Multiple instances where a charge was satisfied and a new charge created within 6 months. Suggests active refinancing cycle.

Group structure

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

🏛️
Ichor Holdings Ltd
Corporate parent · holds 75-100% shares
ultimate parent
⬇
ICHOR SYSTEMS LTD
This company · SC244681

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
Ichor Holdings Ltd
Corporate entity
75–100%
75–100%75-100% shares · 75-100% voting06/04/2016

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
Incorporated2003-02-27
Jurisdictionscotland
Primary SIC32990 — Other manufacturing n.e.c.

Registered office

168 Bath Street
Glasgow
G2 4TP
Scotland

Filing status

Accounts
Next due: 2026-09-30
Last made up to: 2024-12-31
Confirmation statement
Next due: 2027-03-13
Last: 2026-02-27

Officers (1 active · 17 resigned)

SPENCE, John Alexander→
director · ~58y · appointed 2016-09-01
View their other companies + combined net worth →
Active
FIRTH, Mark Andrew, Mr.→
secretary · appointed 2003-03-31 · resigned 2012-04-13
Resigned
NICOLSON, Donald→
secretary · appointed 2012-04-13 · resigned 2015-07-01
Resigned
BRIGHTON SECRETARY LTD→
corporate-nominee-secretary · appointed 2003-02-27 · resigned 2003-02-28
Resigned
ANDRESON, Jeffrey Scott→
director · ~65y · appointed 2017-12-31 · resigned 2026-03-01
Resigned
BEAUMONT, Andrew→
director · ~60y · appointed 2015-07-01 · resigned 2016-08-31
Resigned
CARSON, Maurice Eugene→
director · ~69y · appointed 2014-08-02 · resigned 2017-12-31
Resigned
FIRTH, Mark Andrew, Mr.→
director · ~55y · appointed 2003-03-31 · resigned 2012-04-13
Resigned
KOWAL, Andrew Jeffrey, Mr.→
director · ~49y · appointed 2013-06-30 · resigned 2016-11-30
Resigned
KURTZ, Sky→
director · ~44y · appointed 2012-04-13 · resigned 2013-06-30
Resigned
NICOLSON, Donald→
director · ~61y · appointed 2003-06-16 · resigned 2015-07-01
Resigned
RATH, Michael John→
director · ~60y · appointed 2012-04-19 · resigned 2014-08-02
Resigned
RATH, Michael John→
director · ~60y · appointed 2012-04-13 · resigned 2012-04-19
Resigned
ROHRS, Tom→
director · ~75y · appointed 2016-12-01 · resigned 2023-11-22
Resigned
SPENCE, John Alexander→
director · ~58y · appointed 2004-01-01 · resigned 2012-04-13
Resigned
SWYT, Gregory Francis→
director · ~65y · appointed 2023-11-22 · resigned 2026-03-01
Resigned
TANGNEY, Owen Anthony, Mr.→
director · ~54y · appointed 2003-03-31 · resigned 2012-04-13
Resigned
BRIGHTON DIRECTOR LTD→
corporate-nominee-director · appointed 2003-02-27 · resigned 2003-02-28
Resigned

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

Mortgages & charges

3
Total charges
1
Outstanding
1
Active lenders
Status:Lender:3 of 3 shown
TypeProperties
outstanding
Silicon Valley Bank
Bond & floating charge1 property27/06/2012—
satisfied
Davenham Trade Finance
Davenham Trade Finance Limited
Invoice finance agreement1 property17/06/200306/03/2012
satisfied
Davenham Trade Finance
Davenham Trade Finance Limited
Debenture2 properties17/06/200331/03/2012
Click column headers to sort. Use filters above to narrow by status and lender.

Recent filings (106 total)

confirmation-statement-with-no-updates
confirmation-statement · CS01
2026-03-24
termination-director-company-with-name-termination-date
officers · TM01
2026-03-20
termination-director-company-with-name-termination-date
officers · TM01
2026-03-20
change-registered-office-address-company-with-date-old-address-new-address
address · AD01
2025-10-03
accounts-with-accounts-type-full
accounts · AA
2025-07-28
confirmation-statement-with-no-updates
confirmation-statement · CS01
2025-03-03
accounts-with-accounts-type-full
accounts · AA
2025-01-14
confirmation-statement-with-no-updates
confirmation-statement · CS01
2024-02-28
appoint-person-director-company-with-name-date
officers · AP01
2023-12-01
termination-director-company-with-name-termination-date
officers · TM01
2023-12-01
accounts-with-accounts-type-full
accounts · AA
2023-11-02
change-person-director-company-with-change-date
officers · CH01
2023-10-16
confirmation-statement-with-no-updates
confirmation-statement · CS01
2023-02-28
accounts-with-accounts-type-full
accounts · AA
2023-01-09
confirmation-statement-with-no-updates
confirmation-statement · CS01
2022-03-02