Looking at companies house this company was incorporated 12 Nov 2008...just 16 days before PML went into Admin....
It looks suspiciously like whoever set that new company up knew PML was going to go into admin, and the company was set up deliberately to take on parts of the PML business...i.e. Hi-Pa.
I would imagine its probably the original owners of PML using their own cash to take on the Hi-Pa business, letting the old business go into insolvency.