Mon, 24 Apr 2023 | ADMINISTRATION
Sterling Services, a designer, manufacturer and installer of architectural precast facades, has fallen into administration after its financial position left it unable to trade. Administrators from Interpath Advisory will now seek buyers for the Taunton-based company’s business and assets.
The company was established in 1997 and worked on several prominent recent building projects, including the City of London Academy, Cardiff’s One Capital Square and the Jersey International Finance Centre.
Despite reporting positive performance over recent years, the wider group began to experience cashflow pressures, with cross guarantees ultimately leading to additional liabilities and a lack of access to ongoing funding. This resulted in the company’s cashflow declining to the point that it was unable to continue trading.
Sterling’s board explored several funding and sale options, but the circumstances meant that the “only option available” was for the company to cease trading and appoint administrators. Interpath’s Geoff Jacobs and David Standish were appointed as joint administrators on April 20 2023.
David Standish commented: "It is unfortunate that such a long-established precast cladding business is no longer able to continue to trade despite the efforts of the directors. The joint administrators are committed to ensuring that the optimum outcome for creditors is achieved and supporting the employees at what is a difficult time for all concerned."
Geoff Jacobs added: "Although the business has ceased to trade, it has a well-established infrastructure, a strong customer base and there may be an opportunity for parties who can move quickly to acquire the business and assets.”
"We would recommend that any parties who have an interest in the business or its assets should contact the administrators in early course."
In the company’s most recent accounts, for the year ending June 30 2022, its fixed assets were valued at £788,332 and current assets at £2.4 million, while net assets amounted to £542,566.
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