A building business had grown very rapidly from a turnover of £700,000 to £5 million. However, although they had profitable contracts moving to completion, they did not have sufficient capital and cash reserves to fund four concurrent contracts that were making a loss.
We were instructed as administrators and, having established that over-trading had caused the firm’s difficulties, we were able to find a buyer with sufficient resources to fund the business post-sale, saving 20 jobs.
Following a restructure, a national building maintenance group, with over 550 staff over five sites, suffered from delayed payments from key customers and suppliers’ refusal to go on trading after credit insurance was removed on key trade creditors.
As Administrators, we worked closely with customers and former employees to ensure continuity of employment, where possible. Transfer of the contract to new service providers secured new jobs for employees, reduced employee claims, enhanced dividend prospects for remaining creditors and lessened disruption for customers, improving results from outstanding contractual debtors.
A Bournemouth-based building business had grown very rapidly from a turnover of £700,000 to £5m. However, although they had profitable contracts moving to completion, they did not have sufficient capital and cash reserves to fund four concurrent contracts that were making a loss.
We were instructed as Administrators and, having established that over-trading had caused the firm’s difficulties, we were able to find a buyer with sufficient resources to fund the business post-sale, saving 20 jobs.
A partially complete development of around 30 apartments in Bradford, with £4.5m bank debt. Following the insolvency of the building contractor itself, the development company went into Administration. We worked with quantity surveyors to assess the build out program and costings. Agreed a scope of capital expenditure work with the bank and completed the development.
We were then appointed property letting agents and agreed a contract with them and a marketing plan and budget. Full occupancy was obtained and the property was then put on the market as an investment sale. A successful sale was concluded and a surplus paid to the bank from letting income after accounting for all trading costs.
17th May 2017 As many as one in four SMEs throughout the UK are reliant to some extent on the services of ‘gig economy’ workers, according to new research on the subject.
11th May 2017 Small companies throughout the UK could be facing a “business support black hole” in the next decade if funding currently allocated to them from the European Union is not replaced after Brexit.
2nd May 2017 The number of company directors who have been banned from leading or forming businesses for five years or longer reached a six-year high during 2015/16, according to the latest figures on the subject.
27th April 2017 A major creditor to Bolton Wanderers has issued a winding up petition against the football club in relation to a £5 million loan given to the organisation last year.
26th April 2017 HM Revenue & Customs (HMRC) officers have raided the offices of two of England’s largest and best known football clubs over issues relating to suspected income tax and national insurance (NI) fraud.
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