Styles & Wood facing administration

Fri, 28 Feb 2020 | ADMINISTRATION



Manchester-based fit-out and refurbishment firm Styles & Wood has announced that it is looking to call in administrators.

The company was taken private by investment firm Central Square Holdings in December 2017, after floating on the Stock Exchange for just over 11 years, delisting in March 2018.

The takeover was for £50.4 million, and was funded by £50 million of new debt. Central Square Holdings has since rebranded as Extentia Group.

However, since the takeover, cashflow problems linked to several large developer-led projects became unsustainable for the business. Last year, chief executive Tony Lenehan and chief finance officer Phil Lanigan both left the company.

Extentia Group CEO Craig Eastwood said that the problems related to a complex project that had been won on low margins. He said: “The difficult but correct and responsible decision has been made to file an intention to appoint administrators”.

According to the company’s most recent accounts, for the 18 months to the end of June 2018, Styles & Wood saw a pre-tax loss of £5.5 million on revenue of £151.5 million. At the time of those accounts, the company employed 344 staff.

This represented a loss on the 12-month period to the end of December 2016, when it registered pre-tax profit of £3.7 million on revenue of £100.2 million.

This loss was partly ascribed to the company having higher overheads as it looked to support an enlarged group due to new Extentia acquisitions.

Craig Eastwood said: “Our focus now is to work with our stakeholders and advisers to explore options for the Styles & Wood businesses, making it a priority to protect the interests of our colleagues and those employed within connected Styles & Wood divisions.”

Eastwood added that Extentia’s furniture, fixture and equipment and professional services businesses would be unaffected.


Share this article



Latest Businesses for Sale

Commercial Fit-Out & Facilities Management & Maintenance Services
UK Wide

Offers a comprehensive range of services, specialising in the project management and construction management of commercial fit-out projects. Operates from several strategically located premises in South England. Offers invited.

Asking Price: Offers Invited
Turnover: £4,201,901

LEASEHOLD


Private Architectural Practice
UK Wide

Delivers commercially successful, functional and creative medium and large-scale residential developments, working closely with its clients to meet their quality, time and budgetary requirements. Utilises extensive in-house expertise to deliver dedic...

Asking Price: Offers Invited
Turnover: £1,870,000

LEASEHOLD


Building & Maintenance Contractor
UK Wide

Specialises in dedicated, flexible and personal aids and adaptations for the elderly and less able, working with clients to provide tailored and high-quality solutions. Service offering is enhanced by the provision of complete general building and ma...

Asking Price: Offers Invited
Turnover: £3,000,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
14
 
Aug
 

Trafford Centre up for sale after Intu administration | COMMERCIAL PROPERTY

Manchester’s Trafford Centre shopping mall is up for s...

 
13
 
Aug
 

Administrators bring three former Shepherd Cox Group hotels to market | DIVISION SALE

Administrators have put three hotels in the North of England...

 
12
 
Aug
 

Baird Group to close stores as CVA is approved | BUSINESS NEWS

Retailer and wholesaler Baird Group, the license holder for ...

Free guide: 10 Biggest Buyer Mistakes

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

Email


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