P27 TOPCO LIMITED
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Cash
£7.3M
-32% lowest in 3 filed years
Net assets
-£154M
-10.3% lowest in 3 filed years
Employees
481
+4.3% highest in 3 filed years
Profit before tax
-£16M
+8.9% vs 2024
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
4 officer resignations in last 12 months
Multiple officers have left the board recently — see the People section for who.
-
1 PSC ceased in last 24 months
Significant control changed hands — see the Ownership section.
-
Negative shareholders' funds
Net assets
3-year trend · vs Consumer Discretionary median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2025-12-31
| Metric | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | £88,999,812 | £112,271,128 | £113,860,424 | +1.4% | |
| Operating profit | £4,331,510 | £4,300,012 | £10,345,014 | +140.6% | |
| Profit before tax | -£12,257,792 | -£17,185,986 | -£15,649,080 | +8.9% | |
| Net profit | -£13,649,782 | -£20,181,006 | -£15,291,038 | +24.2% | |
| Cash | £7,647,556 | £10,732,694 | £7,301,800 | -32% | |
| Total assets less current liabilities | £40,669,132 | -£16,255,248 | -£151,697,808 | -833.2% | |
| Net assets | -£119,297,656 | -£139,281,529 | -£153,572,719 | -10.3% | |
| Equity | -£119,297,656 | -£139,281,529 | -£153,572,719 | -10.3% | |
| Average employees | 400 | 461 | 481 | +4.3% | |
| Wages | £18,152,537 | £22,942,044 | £24,138,773 | +5.2% | |
| Directors' remuneration | £554,319 | £642,846 | £623,214 | -3.1% |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|
| Operating margin | 4.9% | 3.8% | 9.1% | |
| Net margin | -15.3% | -18.0% | -13.4% | |
| Return on capital employed | 10.7% | — | — | |
| Current ratio | 0.76x | 0.26x | 0.15x | |
| Interest cover | 0.25x | 0.19x | 0.40x |
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.
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Consolidated group
- Auditor
- KPMG
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The financial statements are prepared on a going concern basis, notwithstanding the Group had net current liabilities of £222.9m and net liabilities of £153.6m as at 31 December 2025, which the directors believe to be correct. Subsequent to the reporting date, in January 2026, Ermine Bidco Limited acquired the Group, with Ermine Investco Limited becoming the ultimate controlling party. The acquisition marked the start of a new long-term partnership and reflects Ermine Investco Limited's confidence in the underlying strength, performance and growth prospects of the business.”
Group structure
- P27 TOPCO LIMITED · parent
- P27 Midco Limited 100%
- Lowe P27 Bidco Limited 100%
- Frost Investments Limited 100%
- Lowe Refrigeration Solutions Limited 100%
- Lowe Rental Pte Limited 100%
- Lowe Rental Limited 100%
- Lowe Rental Inc 100%
- Lowe Refrigeration Deutschland GmbH 100%
- Lowe Rental Limited 100%
- Lowe Refrigeration Italia Srl 100%
- Lowe Refrigeration LLC 49%
- Lowe Rental Limited 100%
- Lowe Refrigeration Spain SL 100%
- Lotsenbüro für temporäre Bauten und mobile Lösungen GmbH 100%
- PKL Topco Limited 100%
- PKL Group (UK) Limited 100%
- Lowe Arabia Rental Equipment LLC 100%
- Abbey Design Associates Limited 100%
- LoweConex Group Limited 100%
Significant events
- “Subsequent to the balance sheet date, there was a change in control of the Company's ultimate parent undertaking, with the ultimate controlling party changing from PW P27 UK Limited to Ermine Investco Limited. This is a non-adjusting event after the reporting period and, accordingly, no adjustment has been made to these financial statements.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
2 active · 8 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| DOWDS, Colin Nigel | Director | 2026-01-28 | Oct 1985 | British |
| MCCAUSLAND, Rachel | Director | 2022-03-28 | Apr 1985 | British |
Show 8 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| BLOWER, Mark | Director | 2018-02-28 | 2026-01-28 |
| DAVIDSSON, Nils Olle | Director | 2022-03-28 | 2022-09-01 |
| LAVERY, Paul | Director | 2018-03-10 | 2022-03-28 |
| LOWRY, Rodney | Director | 2018-03-10 | 2026-01-28 |
| MCCALL, David Alexander Mervyn | Director | 2018-03-10 | 2018-08-31 |
| PAPE, Christopher Simon | Director | 2022-09-01 | 2026-01-28 |
| PORTER, Melvin Robert | Director | 2021-01-01 | 2026-01-28 |
| WYNN, Andrew Thomas | Director | 2018-02-28 | 2022-03-28 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Ermine Bidco Limited | Corporate entity | Shares 75–100% | 2026-01-28 | Active |
| Pw P27 Uk Limited | Corporate entity | Shares 50–75%, Voting 50–75% | 2018-03-08 | Ceased 2026-01-28 |
| Mr Mark Blower | Individual | Shares 75–100%, Voting 75–100%, Appoints directors | 2018-02-28 | Ceased 2018-03-08 |
Filing timeline
Last 20 of 76 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-06-07 | AA | accounts | Accounts with accounts type group | |
| 2026-04-14 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2026-03-04 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2026-02-02 | PSC02 | persons-with-significant-control | Notification of a person with significant control | |
| 2026-02-02 | PSC07 | persons-with-significant-control | Cessation of a person with significant control | |
| 2026-02-02 | TM01 | officers | Termination director company with name termination date | |
| 2026-02-02 | TM01 | officers | Termination director company with name termination date | |
| 2026-02-02 | TM01 | officers | Termination director company with name termination date | |
| 2026-02-02 | TM01 | officers | Termination director company with name termination date | |
| 2026-02-02 | AP01 | officers | Appoint person director company with name date | |
| 2025-09-03 | AA | accounts | Accounts with accounts type group | |
| 2025-04-14 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2024-07-11 | SH03 | capital | Capital return purchase own shares treasury capital date | |
| 2024-06-28 | SH03 | capital | Capital return purchase own shares treasury capital date | |
| 2024-06-06 | AA | accounts | Accounts with accounts type group | |
| 2024-04-17 | CAP-SS | insolvency | Legacy | |
| 2024-04-15 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2024-03-14 | SH02 | capital | Capital alter shares subdivision | |
| 2024-03-14 | SH02 | capital | Capital alter shares subdivision | |
| 2024-03-09 | SH08 | capital | Capital name of class of shares |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 11
- Capital events
- 1
- Officers appointed
- 1
- Officers resigned
- 4
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.