Fri, 09 Sep 2016 | ADMINISTRATION
A heritage building business that has been trading since 1747 has gone into administration.
Family-owned William Anelay Ltd of York called in the administrators after failing to secure a new deal with its creditors.
Julian Pitts and Bob Maxwell of Begbies Traynor have been appointed as joint administrators of the company, which specialised in restoring heritage buildings and undertook high profile projects at places including Lambeth Palace and Lancaster Castle.
William Anelay had tried to set up a company voluntary arrangement with its creditors to help ease its cash flow difficulties. However, when this proved unviable, it called in the administrators.
The company has now stopped trading and all 126 staff have been made redundant. William Anelay’s associated businesses Lowery Roofing, Hare and Ransome Joinery, Anelay Traditional Masonry and Anelay Building and Conservation are not affected by the administration.
Joint administrator Mr Pitt told the York Press: “Unfortunately, William Anelay ran into cash flow difficulties following a period of expansion and problems with some complex projects. Despite attempts to secure a CVA, this did not prove viable and there was no alternative but to place the business into administration.
“We will be working closely with the management to realise returns for creditors and will keep the employees fully informed as the situation becomes clearer.
"We are now in discussions with various interested parties and are hopeful that it may prove possible to novate some of the company’s contracts to ensure that work can be completed with the minimum of disruption to clients.”
If you are looking to buy a business out of administration, you can find out more here Businesses in administration
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