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.
View the latest distressed UK businesses here.
Supplies uPVC windows and doors to home and small business owners in the UK. Operates from freehold premises. Excellent potential for continued growth. Our client is offering the business for sale to facilitate their retirement. Offers invited.
FREEHOLD
Independent house builder specialising in 2 to 5 bedroom houses & bungalows, providing a turnkey service from identifying brownfield & greenfield sites, securing purchase options & applying for planning permission through to construction & fit-out. O...
Offers an extensive range of quality equipment from respected brands, including excavators, compressors, rollers, saws and various tools. Utilises extensive in-house expertise in the utilities sector to provide comprehensive support and advice for pr...
LEASEHOLD
|
10
|
|
Apr
|
Iconic retailer Debenhams falls into administration once again | ADMINISTRATION
The long-established British retailer Debenhams has appointe...
|
09
|
|
Apr
|
Long Eaton furniture manufacturer enters administration | ADMINISTRATION
Long Eaton-based furniture group JDP Furniture has entered a...
|
08
|
|
Apr
|
Insurance broker bought out of administration | BUSINESS SALE
Flintshire-based insurance broker Staveley Head has been acq...
Sign up to receive our acquisition alert emails to get your FREE guide
|
03
|
|
Jul
|
Assets for sale as London-based waste management company enters administration | ADMINISTRATION
A waste management, remediation and enabling works company p...
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