Tue, 17 Jul 2018 | ADMINISTRATION
RG Spiller, a well-established construction firm that is said to have a 150-year history, has fallen into administration due to insufficient funds.
The Chard-based business, and its parent company Howard Construction, have both ceased trading as a result.
Chartered accountancy firm Bishop Fleming was called in by RG Spiller’s managing director and Howard Construction’s owner Andrew Howard. Partner Jonathan Williams has since been appointed as the administrator of both businesses.
RG Spiller was known to have taken commercial building contracts valued at up to £6 million in both the public and private sector in the South West of England.
Howard Construction has previously specialised in national housing infrastructure, having worked with developers like Taylor Wimpey, Bellway Homes and Bovis Homes, amongst many others.
Accounts, however, showed that its turnover was down to £15 million by June 2017, in comparison to £20 million in the previous year.
Williams said: “Their cashflow forecast projections showed they were close to running out of funds.
“We looked at the possibilities of a creditors voluntary arrangement and trading for a short period to complete current contracts, but the cash requirements for this were too great.
“Accordingly, we advised the director there was no alternative but to stop trading because there were insufficient funds to make any further payments to creditors and the workforce.”
The two firms have stopped trading and are currently valuing their assets for the businesses’ creditors.
For more news stories about administrations click here. For all our administrations listings, click here.
Specialises in new-build and refurbishment, reliable 24-hour reactive maintenance and planned preventive maintenance. Offers invited.
LEASEHOLD
Specialist provider of waterproof roofing solutions, whilst additionally offering a contract service division for roof installations. Offers invited.
LEASEHOLD
Company engaged in the design, fabrication and installation of a wide range of complex bespoke structural steel products including steel frame structures, secondary steel and platforms and gantries. Offers invited.
LEASEHOLD
|
23
|
|
May
|
Fintech company Loot collapses into administration | ADMINISTRATION
After failing to secure further backing from the Royal Bank ...
|
22
|
|
May
|
Spike in M&A activity in the education sector | BUSINESS SALE
In recent months, the education sector in the UK has witness...
|
22
|
|
May
|
Jamie Oliver restaurant empire collapses into administration | ADMINISTRATION
Celebrity chef Jamie Oliver, who shot to fame after campaign...
Sign up to receive our acquisition alert emails to get your FREE guide
|
15
|
|
Aug
|
Construction contractors call in administrators | ADMINISTRATION
It seems these are difficult times for construction companie...
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