C. & G. Concrete Limited (00613713): administration
- Status
- Administration ended
- Administration began
- 2011-05-16
- Administrators' firm
- PwC
- Incorporated
- 1958-10-27
- Location
- Leeds
- Industry
- 2663
Why it went into administration
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- Sustained trading losses
- Weather / natural events
From the administrators' statement
Due to the recent economic downtum, particularly in the construction sector, together with the effect of adverse weather conditions, the Company had been experiencing challenging trading conditions In response to this position the Company had been suffering significant cash pressure with ongoing dialogue with the secured and unsecured creditors of both C&G and FHG
The directors held a call on 9 March 2011 with representatives from the Bank and RBS (as secured creditors of Company and FHG respectively), together with directors from FHG and Hanson, and vanous advisors
In response to the creditor pressures, the meeting considered the appropriateness of an earher decision taken in 2007 by FHG’s shareholders to sell its West Wales assets, on-core lands and a sale of the Company, with the intention of retaining the core Stamford lands and property sales Whilst these decisions had been made in 2007, no action was taken Following the meeting on 9 March 2011, this action plan was implemented with a view to benchmarking possible value
Administrators' statement of proposals (2011-07-07) · Companies House register