Innovate Space Limited (01520971): administration
- Status
- Administration ended
- Administration began
- 2016-04-08
- Administrators' firm
- KRE Corporate Recovery
- Formerly
- Melac Services Limited
- Incorporated
- 1980-10-08
- Location
- Liverpool
- Industry
- 41201 Construction of commercial buildings
Why it went into administration
- Creditor pressure / legal action
- Bad debts / customer insolvency
- Loss-making contracts / project overruns
- Competition / price pressure
From the administrators' statement
The Company was founded in 1980 as an electrical installations contractor In 2003, James Smithers was appointed as the Company's Managing Director and the Company expanded Its service offerings to include fit-out, refurbishment and construction of commercial and residential properties in London and the South of England
The Company had recently experienced year-on-year growth with total revenue peaking at £7 62m for yearending 31 March 2015 however margins were shrinking due to various factors but predominately the requirement for the Company to be competitive when competing for larger contracts
A summary of the Company's recent trading performance ts shown below
Administrators' statement of proposals (2016-06-29) · Companies House register