The directors of London-based building firm Harry Neal have agreed to place the company into voluntary receivership after a
winding-up petition was lodged against it last month.
It's believed they held a series of meetings this week to discuss the firm's future following the issue of the petition on 27 January, concluding they had no choice but to let it go into liquidation.
Founded in 1886, Harry Neal had a turnover of £40 million for the year to 31 December 2008, according to its most recent accounts. While that was up from £38.8 million the previous year, pre-tax profit of £31,500 was reported compared with £320,000 the previous year.
News of the voluntary receivership follows the revelation that Yorkshire-based care-sector specialist Redworth Construction may also be facing liquidation after creditors rejected a company voluntary arrangement.
Since December, five county court judgments amounting to £78,200 have been filed against the firm, which had a turnover of £30 million in 2008. A winding-up petition has reportedly been issued, with a hearing scheduled for next week (10 February).
UHY Hacker Young have been appointed as receivers for the firm, which is expected to be liquidated on 18 February.
