Haydon Mechanical & Electrical Limited (00988409): administration
- Status
- Administration ended
- Administration began
- 2023-07-25
- Administrators
- Jamie Playford, Alex Dunton
- Administrators' firm
- Creditsafe Business Solutions
- Formerly
- Haydon & Company Limited; Haydon & Company (Bournemouth) Limited
- Incorporated
- 1970-09-02
- Location
- Norwich
- Industry
- 43210 Electrical installation
Why it went into administration
- Loss-making contracts / project overruns
- COVID-19
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Property / lease costs
- Management failings / irregularities
- Rising interest rates
From the administrators' statement
achieved approximately 1.58% of net profits. In 2020 the Company achieved net profits of £818,635 on turnover of £58,815,480 and in 2019 achieved net profits of £998,136 on turnover of £56,384,932.
The Company initially experienced financial difficulties as it was reportedly subject to fraud in 2017, which resulted in the Company launching legal proceedings. The Courts ultimately ruled against the Company in these proceedings and the Company therefore suffered the loss of its initial funds as well as legal costs in pursuit of recovery of the same.
These financial difficulties were then compounded by the Covid-19 pandemic, during which lockdowns and other government policies meant a slowdown in the work being carried out, which in turn caused projects to overrun and were therefore less profitable and/or more costly, and these additional costs were not recoverable.
Administrators' statement of proposals (2023-08-25) · Companies House register