Essex Roofing Co. Limited (01314450): administration
- Status
- Administration ended
- Administration began
- 2012-08-31
- Incorporated
- 1977-05-20
- Location
- London
- Industry
- 43910 Roofing activities
Why it went into administration
- Funding withdrawn / unable to refinance
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 20 May 1977 The current directors were appointed as follows, Mr Roger Sharman prior to 1991 Mr Gary Drage on 4 July 2008 and Mr Paul Bailey on 20 September 2005 There have been two other directors in the past 3 years, Mr Marcus Wildbore who resigned on 2 July 2012 and Mr Andrew Hiller who resigned on 28 April 2011
Prior to our appointment the Company had sought additional investment to allow the Company to continue to trade However, as the Company had been struggling to collect in its debtors and as a result of the increase in the collection period for its debtors, the company's invoice discounting facility was reduced This factor combined with the high fevel of creditors meant that it was not possible to raise the necessary investment As a result of the lack of funding it was not possible to trade in Administration and if the Company had gone into liquidation the damage to the value of the book debts would have disadvantaged creditors
A sale of the business and assets as quickly as possible was seen as the best way to preserve value for the reasons above and because any lengthy break in the business may have been damaging to the customer base as outstanding orders could not be fulfilled and new orders could not be serviced In addition, if roofing contracts could not be completed then the value of debtors would significantly reduce and counter claims for damages would result Finally, if the small team of experienced employees were to find other employment this may also have been damaging to value
Administrators' statement of proposals (2013-03-18) · Companies House register