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

Flooring & Hygienic Wall Cladding Contractor
Yorkshire and the Humber, UK

Experts in commercial and industrial grade flooring and hygienic wall cladding solutions. Client base of interior 'fit-out' contractors to leading high street retail brands, commercial developers, house builders and commercial/industrial end users. C...

Asking Price: Offers Invited
Turnover: £730,000

Property Maintenance Solutions Contractor
Dawlish, South Coast, Devon, UK Wide

Opportunity to purchase a very long established and highly regarded family-run commercial decorating/maintenance & roofing specialist. With a freehold site in an excellent commercial location with high access capabilities operating from secure and we...

Asking Price: £2,500,000
Turnover: £2,000,000

FREEHOLD


Building Contractor Company
Surrey, South East, UK

A superb opportunity has presented itself for a new buyer to take over the running of a well-established Building company operating throughout the wider Surrey area. Offers invited.

Asking Price: £275,000
Turnover: £727,729

RELOCATABLE



View more businesses for sale

News Search

Latest News

 
24
 
May
 

Over 50 hotels and travel brands up for sale as leisure company collapses | ADMINISTRATION

The parent company of coach holiday company National Holiday...

 
22
 
May
 

Owner of Joe.co.uk enters administration | ADMINISTRATION

Joe Media Limited, the UK parent company of social news webs...

 
21
 
May
 

South London-based law firm acquired in pre-pack sale | BUSINESS SALE

Croydon-based McMillan Williams Solicitors (MSW) has been so...

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