Thu, 17 May 2018 | ADMINISTRATION
Both the business and assets belonging to a London-based contractor dealing with exterior facades has been placed up for sale after the company was forced into administration earlier this year.
Luckywheel Ltd, based in Waltham Abbey in Essex but with operations across the South East and London, is a specialist installer of commercial and domestic facades, including curtain walling, windows and cladding systems. It predominantly works with PVC-U, aluminium and composite products for businesses and homes.
A run of difficult business conditions forced the company to appoint administrators from Mazars to steer the firm to trade under their direction.
Patrick Lannagan and Adam Harris, the joint administrators assigned to Luckywheel, have since been instructed to find a new buyer for the company as a going concern.
Alongside the company itself, the administrators are also separately selling several of Luckywheel’s assets, including an outstanding order book worth £5.9m, which includes an additional £19m of work that has already been tendered for.
The company is also parting ways with its freehold manufacturing and office facilities in Nazeing, Waltham Abbey, as well as its manufacturing equipment and any work currently in progress.
As a family-run business, Luckwheel is still owned and managed by its two founding families.
Turnover and EBITDA for the company's 2018 financial year are forecast to grow by 42 per cent or £2.38m and 16 per cent or £126,000 respectively from the prior year.
The firm’s website reads: “Being a small business, we have a strong bond with all of our employees and consider our business relationship with each customer to be a matter of trust.
“Our goal has always been to strive for excellence and be worthy of continued confidence.”
The administrators have set a deadline for any offers for the firm of Friday 19 May, you can view the listing here.
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