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.
Expressions of interest for the business and assets are required by 5pm on 24th July 2019 with bids anticipated shortly thereafter. An opportunity exists to acquire the shares or alternatively the business and assets of this UK based, innovative comp...
*Trade Enquiries Only*. A leading UK designer, manufacturer and global distributor of critical components in specified compression fittings with a crucial safety function. Offers invited.
Manufacturer of Nets for everything except fishing. More than 130 years of continuous trading. The Company was founded in 1889 and is a very well established manufacturing business and has been a pioneer in the industry and consistently & successfull...
LEASEHOLD
|
19
|
|
Jul
|
Outdoor activity centre completes MBO | BUSINESS SALE
An outdoor water activity centre has been successfully sold ...
|
18
|
|
Jul
|
Filtermist International completes acquisition of industrial vacuum cleaner manufacturer | BUSINESS SALE
Filtermist International, an air extraction and filtration s...
|
17
|
|
Jul
|
Preston caravan manufacturer seeks buyer following administration | ADMINISTRATION
A caravan manufacturing business in Preston is on the lookou...
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