The company faced unpaid debts of more than £1m, including £500,000 from HM Revenue & Customs.
The loan from South Yorkshire Investment Fund (SIYF), which is backed by Yorkshire Forward and the European Regional Development Fund, was to fund the expansion of a business described by the fund manager as "well managed".
TASC, based on the Dore Industrial Estate in Sheffield, began as a diamond drilling and concrete cutting specialist in 1998 and later diversified into fire protection solutions
The £300,000 investment in June 2009 was TASC’s second loan from SIYF, after the company received £385,000 in 2006 to support a management buyout.
Managing director Steve Copley said at the time of the second loan: “This latest investment of £300,000 is a wonderful boost for the business - it’s helping us to move into bigger premises on the industrial estate and in turn, expand our target market.
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“SYIF have always been there to help us, they’ve been brilliant. They are always positive with us and I think that during these difficult economic times that’s a huge asset - SYIF give longevity to companies across the region.”
SYIF portfolio manager Debbie Sorby said at the time: “TASC is a well established and well managed business with a strong reputation in the industry for good quality and service. The business has a good customer base together with a strong sales pipeline for the coming year.”
On 25 February insolvency practitioner Christopher Wood from Cleckheaton-based Clough Corporate Solutions was appointed administrator.
A spokeswoman for Clough Corporate Solutions said that more than £1m of claims had been received from creditors so far. SYIF is also listed as a creditor but has not yet submitted a claim.
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