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
This is a rare chance to acquire a thriving building and construction business in North West England with a solid reputation.
A well-established player in the architectural aluminium systems, door hardware and ventilation products market, based in the South of England and serving a long-standing customer base in the UK commercial construction industry.
The company’s core activities are interior design, office and premises refurbishment, fit-outs and alterations. Established in 2005, our client operates a cash flow and profit-friendly business with minimal staffing overheads which relies on trusted...
01
|
May
|
McCann and Partners undergoes an MBO | MBO/MBI
A team of five directors at South Wales engineering and buil...
30
|
Apr
|
Human Magic conjures up Australian acquisition | BUSINESS SALE
Liverpool-based employer brand agency, which is behind creat...
30
|
Apr
|
LRG makes its biggest acquisition ever with Chancellors move | BUSINESS SALE
Property services firm Leaders Romans Group (LRG) has made i...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
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.