Sangwin Concrete Products Limited (00571274): administration
- Status
- Administration ended
- Administration began
- 2019-11-07
- Administrators
- Charles Howard Ranby-Gorwood
- Administrators' firm
- CRG Financial Recovery
- Formerly
- Sangwin Quarries Limited
- Incorporated
- 1956-09-07
- Location
- Hull
- Industry
- 23610 Manufacture of concrete products for construction purposes
Why it went into administration
- Sustained trading losses
From the administrators' statement
Creditors should note that, unless otherwise stated, this section of my proposals has been prepared based on information provided to me by the directors of the Company and not from my personal knowledge as Administrator.
The Company has traded as a part of the Sangwin Group of Companies (“the Group”), and historically was making a significant positive financial contribution to the Group. In recent years, the change on the demand for products has made it more difficult for this to continue and trading losses have arisen.
It was clear that it would be difficult to restructure the Company to resolve this, so ultimately the decision was taken to prioritise the employees, suppliers and customer requirements. This was done by the Company seeking legal advice as to notice periods for the employees, should the Company cease to trade, and seeking advice as to how best to minimise, and indeed alleviate potential losses to suppliers, where possible, from a potential cessation of trade.
Administrators' statement of proposals (2019-11-20) · Companies House register