Basil Wyatt & Sons Limited (00572941): administration
- Status
- Administration ended
- Administration began
- 2019-01-31
- Administrators
- Matthew John Waghorn, Meghan Andrews
- Administrators' firm
- Total Asset Recovery
- Incorporated
- 1956-10-16
- Location
- Reading
- Industry
- 41202 Construction of domestic buildings
Why it went into administration
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 16 October 1956. it started out constructing social housing, moving on to educational and health works. In later years, the Company became involved in high quality residential projects which proved well timed during the 2008 onwards recession when all public funding dried up and traditionally wealthy individuals put their money into property. This has been followed by projects for newly wealthy individuals and private schools.
The directors attribute the Company’s insolvency to a number of factors, most relevant, the fact that the Company is owed substantial balances on a number of completed contracts, where the directors believe the high wealth individual clients either influenced or actively interfered with their consultants’ valuations of the works and its extensions of time claims.
Those particular clients instructed innumerable variations, incurring the Company considerable additional costs and extended the contract preliminaries but were unwilling to remunerate the Company for these extras.
Administrators' statement of proposals (2019-03-25) · Companies House register