Thu, 14 Nov 2013 | ADMINISTRATION
Red Architectural Ltd has entered administration, taking both the building envelope specialist section and production and fabrication division Red Aluminium down.
Administrators from Deloitte have been appointed to handle the distressed business. At the moment, Deloitte plans to trade out Red's existing contracts within weeks as it winds the company down.
A spokeswoman for Deloitte said: “Deloitte has been appointed as administrator to Red Architectural Ltd and Red Aluminium Ltd.
“We are currently advising staff and customers, and will provide further information in due course. However, at this stage we do anticipate that trading out existing contracts will be short term only prior to an orderly wind down of the business.”
Reports from credit reference agency Top Service suggested that Red's problems had already started to impact clients and suppliers. Fourteen firms supposedly experienced problems with payments from Red as Louisa Morgan, operations manager with the group, explained: “It is our insider intelligence that resulted in us monitoring the company carefully over the last few months.
“There were no other warning signs. Being able to provide our customers with a early warning resulted in us being able to collect some accounts for them before it was too late.”
Red is based in Cheshire and specialises in providing architectural cladding services. The firm had worked on some high profile properties, including the Westfield shopping mall in Stratford.
____________________________________________________________________________
Related information:
View the latest businesses in administration
How to profit from buying a distressed business
This thriving business, known for its customer-driven product updates and robust after-sales support, is up for sale due to retirement plans. With a strong international clientele and potential for growth through expanded design capabilities, it is a...
This opportunity presents a well-established business with a strong management team, offering high-end products to global clients in the motorsport and aerospace sectors, supported by AS9120 and ISO 9001 certifications.
This business presents a unique opportunity for growth through new ownership, leveraging its strong reputation and established client network.
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.