Fri, 16 Feb 2024 | ADMINISTRATION
Administrators are seeking buyers for the assets of a Durham-based roofing and cladding firm following its collapse. Aspect Facades Limited had experienced rapid growth over recent years, but fell into administration in the face of external factors including delayed projects and rising costs.
Founded in 2017, the company specialised in the design, supply, installation and maintenance of cladding and roofing, operating across the North of England. Initially working on relatively small contracts, the company grew to take on multimillion-pound contracts working with well-known construction firms in the region.
The company attracted £150,000 in funding via the North East Loan Fund and North East Growth Capital Fund and had discussed its ambitions of reaching turnover of £2.5 million and breaking into the Scottish and Yorkshire cladding and roofing markets.
However, it subsequently suffered as a result of challenging trading conditions, which resulted in cash flow difficulties, impacting the company’s ability to operate and ultimately leading to it falling into administration. Martyn Pullin and David Willis of FRP Advisory were appointed as joint administrators on February 2 2024, with the company ceasing trading, resulting in 30 jobs being lost.
FRP Advisory partner and joint administrator Martyn Pullin commented: "Aspect Facades was a well-respected roofing and cladding specialist across the north of England – operating in the area for over seven years.”
"Unfortunately, mounting external pressures, most notably delayed projects and rising costs, resulted in the business being unable to meet its financial obligations. Regrettably, this meant the necessary closure of the business.”
BPI Asset Advisory has been engaged to lead a sale of the company’s assets, with Martyn Pullin urging any interested parties to make contact with the joint administrators as soon as possible. In the firm’s accounts to the year ending March 31 2022, its fixed assets were valued at £254,367 and current assets at over £2 million, with net assets amounting to £258,574.
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