From the administrators' statement

Despite the fact that the company was only registered in 1975, the company’s business has traded for over 100 years and has traded from the site in Hatch Beauchamp for nearly 100 years During this time, the company has undertaken a wide vanety of building projects, which have ranged from routine buildings maintenance to large scale commercial and domestic building contracts for privately owned businesses, local authorities and private individuals

Over the past few years the company’s annual turnover has been steadily declining due to a lack of work in a particularly quiet construction market, and financial problems had also arisen relatively recently due to significant losses on certain large contracts

Mazars LLP was first approached about this matter in July 2015 and, at an initial meeting at that time between Tim Ball of Mazars LLP and the company’s Directors, the company’s financial position was discussed in detail At this time, the options available to the company’s Directors were discussed Further to these discussions, the Directors decided that they would consult the company’s creditors regarding the possibility of enterng into an informal arrangement (“the Arrangement”) to repay the significant monies owing at that time over a period of time from future profitable trading In the vast majonty of cases, this was agreed by the company’s creditors, and the company continued with this Arrangement for a number of months, paying their creditors on a par passu basis from a total monthly contnbution to the Arrangement of approximately £30,000

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Woodlands Building Contractors Limited (01210187)

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