Tue, 23 May 2023 | ADMINISTRATION
Administrators are seeking a buyer for a Northamptonshire-based stone supplier following the company’s collapse. Stone Plus UK, which is headquartered in Mawsley, Kettering, fell into administration on May 9 2023.
The company supplied both builders’ merchants and landscape centres with landscaping products ranging from natural stone and concrete to porcelain. In the South of England, the company also held the distribution rights for Oakdale Greenscaping.
Jo Hammond and Gareth Rusling of Begbies Traynor have been appointed as the company’s joint administrators. The administrators commented that the firm had "experienced financial difficulties due to shipping problems and cashflow pressure, which led to significant debts accruing and made the business unviable".
Upon the appointment of the joint administrators, the company’s three full-time employees were made redundant. Eddisons has been appointed by the administrators to run a marketing campaign for Stone Plus UK’s business and assets, with offers currently being evaluated ahead of a sale being concluded.
In Stone Plus UK’s most recent accounts at Companies House, for the year ending June 30 2022, its fixed assets were valued at £29,400, while current assets stood at slightly over £3.55 million. At the time, the company owed a similar amount (around £3.58 million) to creditors falling within one year.
The company’s administration comes at a period of mounting pressure in the UK construction industry, as firms face a raft of headwinds including supply chain disruption, COVID-19-related debts, staff shortages, rising costs, inflation and unpaid bills resulting from a growing number of companies falling into financial distress or insolvency.
In January, Red Flag Alert warned that the sector could see more than 6,000 company insolvencies during 2023, while recent Insolvency Service figures show that construction has been the industry worst affected by rising insolvencies across the UK.
An opportunity to acquire a Bespoke Kitchen Design and Installation Company that which has forged an immaculate reputation with a wealth of five-star customer testimonials since it was established in 2016.
Experts in the survey, supply and installation of steel, aluminium and uPVC products. The business offers valuable repeat revenues from repair, maintenance and replacement services (almost 60% of business).
A bespoke new build and high-end refurbishment construction company working for high-net-worth private clients in the Salisbury area. The company provides a turnkey project-management solution, from initial design through to completion/handover.
26
|
Jul
|
Tunnelling construction technology company falls into administration | ADMINISTRATION
A tunnelling construction technology company based in Basing...
26
|
Jul
|
Sumer firm RMT completes second deal of the year | MERGER
RMT Accountants & Business Advisors, which is part of the Su...
25
|
Jul
|
Occupational health service provider secures PE backing for acquisitions | BUSINESS NEWS
A Hull-headquartered provider of occupational health service...
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.