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.
This is an outstanding chance to acquire a thriving UK construction business that excels in offsite superstructure solutions, known for delivering projects more efficiently and sustainably than traditional methods.
This is a unique opportunity to acquire a reputable scaffolding contractor in Lancashire, known for its comprehensive services and commitment to client satisfaction.
Project Maine offers a unique opportunity to acquire a market-leading specialist in waterproofing systems, renowned for its technical expertise and capability in delivering complex solutions.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.