Lovelock and Taylour Limited (00974028): administration
- Status
- Administration ended
- Administration began
- 2017-09-08
- Administrators' firm
- Antony Batty
- Incorporated
- 1970-03-05
- Location
- Brentwood
- Industry
- 43210 Electrical installation
Why it went into administration
- Sustained trading losses
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Loss-making contracts / project overruns
From the administrators' statement
Despite the Directors’ attempts to bring the loss making contract under control and negotiate with the main contractor it became clear that without access to additional working capital the Company would not be able to continue to trade.
Karen Pearce, a director of the Company, initially contacted Antony Batty & Company LLP (ABc) on 24 July 2017 following Ms Pearce conducting an internet search and a meeting was held with the Directors on 26 July 2017. At that meeting a high level review of the Company's business and forecasts was conducted and the various restructuring and/or refinancing options for the business were considered given the lack of working capital. There was also consideration of raising finance from the Company’s debtor ledger but given the reduced margins the cost of such borrowing would merely add to the Company’s trading losses and therefore delay the ultimate failure. The potential options of continuing the business on the basis of securing additional Funding, CVL or Administration were all considered together with selling the business as a whole.
Following the meeting ABc introduced Karen Butler of Williams and Partners a firm of specialist agents experienced in valuation and sale of distressed businesses and assets with the intention of seeking an accelerated business sale or an accelerated merger and acquisition (AMA). In addition Rob Pearce Associates Quantity Surveyors (RPA) were introduced to assist the directors with debt collections, conversion of work in progress and especially with dealing with the main contractor mentioned above.
Administrators' statement of proposals (2017-11-16) · Companies House register