Lyjon Co. Limited (00805722): administration
- Status
- In administration
- Administration began
- 2024-11-05
- Administrators
- Ian Mcculloch, Franklyn Ofonagoro
- Administrators' firm
- Opus Restructuring
- Incorporated
- 1964-05-19
- Location
- Milton Keynes
- Industry
- 43999 Other specialised construction activities n.e.c.
Why it went into administration
- HMRC / tax arrears
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Sustained trading losses
- Loss-making contracts / project overruns
- Competition / price pressure
From the administrators' statement
Due to no offer being received from the prospective purchaser the director formally engaged lan McCulloch and Lisa lon of Opus Restructuring on 16 September 2024 and an in depth review of the Company’s financial position was undertaken and advice regarding the statutory and non-statutory options available, was provided.
The total unsecured liabilities at the time were estimated at £1.75m, including £250k to HMRC, who had agreed a time to pay arrangement. In addition, there were secured liabilities owed to Barclays Bank of c£250k.
Tangible assets include a property with a net book value of £208k and plant & machinery of £210k (a significant element of which is subject to finance}. The primary assets were the Company’s book debt ledger and work in progress (“WiP”) which held a combined book value of c£2million. The Company also had a subsidiary company with positive net reserves.
Administrators' statement of proposals (2025-01-03) · Companies House register