Mon, 17 May 2021 | ADMINISTRATION
Leicestershire construction firm Paul John Construction has appointed administrators after COVID-19 derailed its turnaround plan. The firm, a specialist in groundworks, was founded 45 years ago and provided civil engineering and building services for residential and commercial projects.
The company said last year that the pandemic had hit its revenue, operating profit and liquidity. Despite saying at the time that it expected the impact to be temporary, it has now hired Gary Hargreaves and David Acland from FRP Advisory to handle the running of the firm while it is wound down.
A spokesperson for FRP Advisory said: “The company, which specialised in groundworks for the construction sector, has experienced significant financial challenges which left the business unable to meet its financial obligations.”
“The joint administrators are proceeding with an orderly wind down of the business and are working with a specialist quantity surveying practice to extract value from the significant debtor ledger, whilst supporting affected employees in making their claims to the Redundancy Payments Service.”
The company saw several sites shut as a result of the pandemic and was forced to furlough some staff members, cut pay for site workers and negotiate payment holidays with companies from which it had leased equipment.
Prior to the onset of the pandemic, the company had been in the midst of a restructuring. In 2018, the company made a post-tax loss of £1.5 million on close to £51 million turnover. Revenue declined to £41.7 million in 2019, but the company cut its post-tax losses to £174,799.
At the time of its last financial reports, the company reported £3.6 million in fixed assets and £6.3 million in current assets. Minus amounts owed to creditors, the firm’s total equity at the time was £933,720.
Read more about the pressures currently impacting UK construction firms.
View the latest distressed UK businesses here.
An opportunity has arisen to acquire a business that supplies, erects, and dismantles scaffolding for blue-chip organisations across the housing sector, all of which provide repeat business on an ongoing basis.
LEASEHOLD
This established business is a leading UK provider of multi-disciplinary services to the rail and transportation sector is now for sale.
This established business has more than a quarter-century of experience in supplying marble and other natural stone materials. These are sourced from a strong and dependable international supply chain of ISO-certified suppliers that is now on the mar...
|
17
|
|
Jan
|
Buyer sought as precision engineering firm enters administration | ADMINISTRATION
First Components, a precision engineering firm based in Brie...
|
14
|
|
Jan
|
Construction ledger up for sale as East Yorkshire contractor collapses | ADMINISTRATION
PDR Construction, a contractor based near Hull in East Yorks...
|
13
|
|
Jan
|
Lancashire-based online retailers enter administration amid stock and financial troubles | ADMINISTRATION
Two Lancashire-based online retailers have fallen into admin...
Sign up to receive our acquisition alert emails to get your FREE guide
|
07
|
|
Oct
|
Cleveland Bridge assets to go to auction next month | COMMERCIAL PROPERTY
It has been confirmed that an auction of the property and as...
|
10
|
|
Sep
|
Cleveland Bridge property and assets to head to auction as search for a buyer fails | ADMINISTRATION
Administrators for structural engineering firm Cleveland Bri...
|
08
|
|
Sep
|
Assets for sale as Scottish wind turbine firm enters administration | ADMINISTRATION
Scottish wind turbine manufacturer CS Wind (UK) has fallen i...
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