Thu, 09 Feb 2023 | ADMINISTRATION
Administrators from Mazars LLP say they are seeking to sell the business and assets of Manchester-based floor specialist Malin Industrial Concrete Floors Ltd. The company has fallen into administration despite reporting strong growth in recent years, with insolvency action soaring in the UK construction sector.
Malin produces specialised flooring, mainly for the warehouse sector. The company primarily works with laser screed flooring, a process in which machines trim concrete slabs to exact sizes, before lowering them into place. The company was founded in 2000 and produced warehouse unit flooring for a range of major contractors, with customers including McLaren, Sir Robert McAlpine and Buckingham Group.
In the year to March 31 2021, the firm’s turnover fell to £25.6 million, from £38.4 million a year earlier, as the construction sector was hit by severe disruption during the COVID-19 pandemic. However, pre-tax profits rose sharply from £109,000 in its 2020 accounts to £1.3 million in 2021, an increase of nearly 13x. Gross profits, meanwhile, increased from £4.4 million to £5.6 million.
At that time, the company said that, despite the impact of COVID-19 – which saw its sites closed for several months – it had strong cash reserves and expected to return to pre-pandemic levels of revenue and report a strong profit margin amid a growth in sales.
The company’s performance was particularly boosted by the huge increase in demand for warehouses amid the surge of online shopping in the wake of COVID-19. This growth saw the company expand its average workforce to 50 full-time staff from its previous headcount of 31.
In its most recent accounts at Companies House, the company reported £682,621 in fixed assets and current assets of £8.9 million. At the time, the company’s net assets were valued at £2.97 million.
Read about increasing levels of distress at UK construction firms and what this could mean for M&A in the sector.
Read about finding M&A value during an economic downturn.
Click here to view the UK's latest distressed businesses.
View recent UK administrations.
This specialist contractor, known for reliability and quality in building and repair services, has cultivated a strong customer base including Insurance Networks and Housing Associations.
This is a rare opportunity to acquire a well-established and reputable commercial painting and decorating contractor with over 50 years of success. With a strong pipeline of contracted work, a skilled and loyal workforce, and significant growth poten...
A well-established leader in the supply and installation of raised access modular flooring solutions, this business has a proven track record of over 30 years serving the commercial offices, airports, hospitality, and retail sectors across the UK.
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.