Tue, 06 Aug 2024 | ADMINISTRATION
Fileturn Limited, a luxury fit-out specialist based in Surrey, has filed a notice of intention (NOI) to appoint administrators. The filing comes after the company, which provides principal contractor services across sectors including hospitality, leisure, retail and banking, fell to a loss in its most recent accounts.
In the year to March 31 2023, the company reported turnover of £31.3 million, up from £24 million a year earlier, but fell from a pre-tax profit of £333,850 to a loss of £1.1 million as a result of a problem contract. At the time, the company stated that “the ordinary business remained stabled with both turnover and gross profits increasing year on year.”
However, they added: “Unfortunately, this has been negatively affected by the impact of a loss sustained from a one-off exceptional project, which has proved both technically unique and commercially challenging. As a result of the above, the company presents a net loss for the year.”
The company has been operating for more than 25 years, providing interior fit-out and refurbishment services for a range high-profile clients, including bespoke projects and major works.
The firm’s customers have included hotel brands such as Marriott, Ramada, Waldorf Astoria, Double Tree and Hilton, as well as restaurant chain Wagamama and hospitality company Accor. Prominent projects that Fileturn has worked on include the Aulis London restaurant in Soho, Brown’s Hotel in Mayfair and an office-to-residential scheme for Revelan Group at Kingsway, London.
In Fileturn’s most recent accounts at Companies House, its fixed assets were valued at £70,895 and current assets at £14.6 million. At the time, its net assets totalled slightly over £98,000.
The company’s NOI comes just weeks after another Surrey-based fit-out firm, Beck Interiors Limited, also filed a notice to appoint administrators.
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