Beacon Woodcraft Limited (01300074): administration
- Status
- Administration ended
- Administration began
- 2012-05-28
- Incorporated
- 1977-02-24
- Location
- Birmingham
- Industry
- 43320 Joinery installation
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Loss-making contracts / project overruns
From the administrators' statement
The Company was incorporated on 24" February 1977 The principal activity of the Company was that of shop fitting and bespoke Joinery in the commercial market in the United Kingdom The Company traded from premises located in Walsall, West Midlands
My firm was first approached by John Shannon, the Financial Director of the Company resulting In a meeting being held on 18" April 2012 where my Senior Manager attended on my behalf The meeting was purely to explore the various options available to the Company as it was experiencing cash flow difficulties
A further meeting was held at the Company's premises on 3% May 2012 with all Board Members present Financial information was provided to include details of general liabilities, all completed projects where either sales invoices or retentions remained outstanding together with a summary of current work in progress and anticipated costs to complete It was clear at that meeting that the Company was insolvent and an insolvency option would prove necessary if additional funding was not available It was further considered that “Administration” was an unlikely option at that time due to financial constraints as current work In progress was reported to have an Invoice value of £175,000 with an inital estimate for completion costs of material and labour of circa £90,000 On conclusion of the meeting a minority Shareholder and Director addressed the meeting to suggest that he would like to explore the options to purchase the shares from the other Shareholders and restructure the Company
Administrators' statement of proposals (2012-07-24) · Companies House register