Mon, 09 Sep 2024 | ADMINISTRATION
A stone company with operations in Basingstoke and Rotherham has fallen into administration, citing weakened demand in the UK’s housing and renovation market as a central factor behind its financial struggles.
Levantina UK is the UK distribution subsidiary of Levantina Group, a global, market-leading stone company specialising in extracting, producing and distributing stone products, including marble, granite, limestone and other natural stones.
The company has a UK customer base of more than 350 B2B clients, including stonemasons and kitchen and bath studios, who largely purchase semi-finished stones in slab format.
In accounts for the year to December 31 2022, Levantina (UK) Limited reported turnover of £5.1 million, up from £4.4 million a year earlier. However, during the same period, its post-tax losses widened from around £538,000 to nearly £723,000.
Interpath Advisory’s Nick Holloway and Stephen Absolom have now been appointed as joint administrators of the company, with the wider international Levantina Group unaffected by the administration. The company’s 12 staff have been retained following the appointment of the joint administrators.
Interpath Advisory Managing Director and joint administrator Nick Holloway commented: “We are working with the business to continue to trade and keep operations running at the sites in Basingstoke and Rotherham, so it is business as usual for staff and customers. The administration provides a period of protection while we explore options for the future of the business in the UK.”
In the company’s 2022 accounts, its assets were valued at just under £3.4 million. However, at the time, it owed creditors around £5.8 million, with the firm’s total liabilities amounting to more than £2.4 million.
Find out more about the impact of rising UK corporate insolvency rates
Click here to download our free guide on finding and buying distressed businesses and assets
The company’s comprehensive service offering ranges from groundworks to full-scale property renovations and extensions, encompassing complete installation, servicing and maintenance within domestic premises, education settings, retail units and other...
This established dry lining contractor has been a trusted provider in the North West for over 20 years, specialising in services such as MF ceilings, SFS, plastering, and joinery.
The company specialises in structural steelwork erection, offering comprehensive services including labour, tools, and equipment, complemented by snagging and aftercare support.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.