Updated: 26th January 2017
Administrators from Begbies Traynor were called in to manage two of the DML Group’s business operations after they succumbed to serious financial difficulties.
The two businesses, namely Drawn Metal and DML Architectural Systems, have been generating millions of pounds in collective revenues on an annual basis in recent years but reportedly made some very significant losses in relation to a recent “out of town contract”.
Drawn Metal built its business primarily around providing bespoke facades and shopfronts to retailing companies including the likes of H&M, Superdry, Tiffany & Co and Ferrari.
DML Architectural Facades focussed specifically on the construction of external facades for a wider range of buildings and counted contractors including Morgan Sindall, Balfour Beatty, Laing O’Rourke, Sir Robert McAlpine and Kier Construction among its customers.
The two businesses have been based at facilities on Swinnow Lane in the Bramley area of Leeds and collectively generated in the region of £8.7 million in revenues over the course of its most recent full financial year.
“Having traded since 1924, DML has become known as a leading name in facades, particularly for the retail sector, but, unfortunately, losses on a significant out of town contract has resulted in the directors appointing administrators,” said Nick Reed from the corporate recovery and administration specialists of Begbies Traynor.
“We are in the process of assessing the situation in order to achieve the best possible outcome for creditors and the 70 strong workforce,” he said.
Reed and his colleague from Begbies Traynor Bob Maxwell have been jointly appointed as administrators of the two DML Group businesses, with potential buyers now being sought for them and their assets.
“The companies have an excellent reputation and we are seeking interest in the business and assets,” Reed explained in a recent statement.
A third company called Drawn Metal Holdings, which is closely associated with Drawn Metal and DML Architectural Facades, has not been entered into administration. Our extensive office network comprises 86 offices across the UK with a partner-led service offering immediate director advice and support.