Prominent construction company enters administration

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.


Share this article



Latest Businesses for Sale

Specialist in Floor & Wall Finishes
Yorkshire and the Humber, UK

A specialist in floor and wall finishing capabilities, offering a range of services to its clients, including floor screeding, plastering,rendering and underfloor heating.Established for over 40 years and highly regarded within its community. Serves...

Asking Price: Offers Invited
Turnover: £1,500,000

LEASEHOLD


Timber Merchants & Fencing Contractors
Yorkshire and the Humber, UK

Outstanding business with serious profits for working owner or managing group. Full Account history available. Long established trading name and with outstanding reputation in the region for Quality of Service and Products. Business split between fen...

Asking Price: £525,000
Turnover: £760,000

FREEHOLD


Building Products & Window Manufacturer
West Yorkshire, Yorkshire and the Humber, UK

Established 30 years, this is a well organised manufacturer of Specialist Building Components predominantly for the school, hospital and commercial property market. Excellent fabrication facilities and fully equipped workshop the highest standard. Lo...

Asking Price: £175,000
Turnover: £582,000


View more businesses for sale

News Search

Latest News

 
17
 
Jan
 

Sample book and shade card manufacturer acquired from administration | BUSINESS SALE

The business and assets of Yorkshire-based display products ...

 
16
 
Jan
 

Northgate and Redde shareholders approve merger | MERGER

The proposed merger of listed companies Northgate and Redde ...

 
15
 
Jan
 

SSE sells retail business to OVO Energy | DIVISION SALE

Power utility SSE has announced it has completed the sale of...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
15
 
Aug
 

Construction contractors call in administrators | ADMINISTRATION

It seems these are difficult times for construction companie...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources