Wed, 11 Apr 2018 | ADMINISTRATION
A pair of Leeds-based roofing and industrial cladding firms have entered administration, prompted by a period of severe financial difficulties that followed their rapid expansion.
The two associated companies - Cover Structure Ltd and Coloured Metal Profiles Ltd - have both appointed Simon Weir, a licensed insolvency professional from DSi Business Recovery to oversee operations going forward.
Cover Structure, a roofing and cladding contractor based at the Cross Green Industrial Estate in Leeds and with operations in Aberdeen, was founded in 1992.
The firm previously announced it would cease trading on 16 March, though at the time was working on 20 projects throughout the UK, including a lucrative £10 million to cover the Aberdeen Exhibition and Conference Centre. It also had contracts out to roof a new £53 million hospital in Edgbaston, a residential block at Weavers Quay and Thorpe Park in Leeds.
Coloured Metal Profiles, meanwhile, was incorporated in 1983 and manufactures steel products and other fittings that are then used in the roofing and cladding industry by firms like Cover Structure.
Both firms entered administration after a period of prolonged expansion, after increased labour, pension, manufacturing and exporting costs dug into revenues. Both firms experienced financial difficulty as a result of growing too quickly, higher overheads and being forced into taking on new contracts that were not profitable.
The two companies employed around 90 staff between them, all of whom were made redundant when they ceased trading in March.
DSi and Simon Weird will be working alongside these workers to make sure that they can reclaim any redundancy entitlements from the Redundancy Payments Office.
The administrator has instructed Michael Steel and Co to assist in the sale of the companies' assets and interested parties are advised to contact them directly. Clarion Solicitors is also assisting the administrator.
The business for sale is a popular, independent builders’ yard/supplier specialising in a wide range of building products. Offers invited.
LEASEHOLD
This is a fantastic opportunity to acquire a long running and well-established joinery business currently serving the London area. Offers invited.
LEASEHOLD
Specialises in comprehensive dust and fume extraction solutions, providing tailor-made designs, installations and support services. Offers invited.
LEASEHOLD
|
26
|
|
Mar
|
Craft beer company goes under | ADMINISTRATION
With stores in London, Canterbury and Margate, craft beer me...
|
25
|
|
Mar
|
West Midlands transport company enters administration | ADMINISTRATION
The company behind the Ring and Ride services throughout the...
|
22
|
|
Mar
|
Scunthorpe nightclub up for sale | BUSINESS SALE
A former nightclub based in Scunthorpe has been put up for s...
Sign up to receive our acquisition alert emails to get your FREE guide
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