Updated: 9th September 2021
Barcon Precast Ltd is a manufacturer and supplier of precast concrete products. They have been in business for over 30 years.
As a result of having to write off a large debt, the company began to experience severe cash flow problems. They had also witness a marked downturn in their orders and were having difficulties in meeting their obligations to HMRC. This resulted in a winding up petition being presented to the company.
Jason Greenhalgh from Real Business Rescue (part of the Begbies Traynor Group) was appointed joint administrator of the company, and set about negotiating with parent company Barcon Systems Limited to agree a sale.
Following negotiations, a pre-pack sale of the business was completed to parent company Barcon Systems Limited. This sale resulted in 24 jobs being saved and allowed for outstanding orders to customers to be fulfilled.
“ As a result of this sale the 24 jobs at the site have been saved. It has also resulted in many of the customers’ orders remaining on track with the purchaser now working hard to meet the deadlines. ”Keith Tully, Partner
13th October 2021
The Bank of England has said it anticipates that rates of corporate insolvency will increase in the coming weeks following the removal of restrictions on winding up petitions.Read More