I can't see what benefit they'll get from going into administration either. It's only really useful if you owe a lot of money to the taxman or pesky little creditors like face painters.
I'm sure we'd have heard by now if Hector was being stiffed and I can't see anyone else being stupid enough to lend serious amounts to sevco.
Maybe, just maybe, King and the 3 bears can't and/or won't put any more money in? You can't fund a loss-making business for ever...
Unless they find a buyer, administration then becomes the only option. That would make a lovely Christmas present