Thu, 26 Mar 2020 | ADMINISTRATION
Leicestershire-based System Building Products Limited has entered administration after a buyer could not be found.
The company has engaged Conrad Beighton and David Griffiths of Leonard Curtis Business Rescue & Recovery to act as joint administrators.
The firm trades from four sites in Hinckley, Stafford, St Helens and Worcester. Its brand include Omnis and Burgess CEP.
In its most recent accounts, to the year ending December 31 2018, the company saw its turnover triple from just over £10 million the year before to over £30 million, with profits of £6.3 million.
This followed a restructuring in which the company offloaded several divisions. But, despite the results, the company faced many challenges that impacted the building products sector.
Joint administrator Conrad Beighton said: “The business has faced considerable challenges in the external building products sector over the last three years but had continued due to its excellent market goodwill and reputation, underpinned by significant financial support from its parent company.”
“The company had attempted to secure a sale of the business over the last few weeks and, despite some genuine interest, potential acquirers were deterred by the current uncertainty”.
At the time of its last available accounts, the company held net assets of close to £6 million, including tangible assets of £3.8 million. The company’s 71 staff have been made redundant.
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