01916346 Limited (01916346): administration
- Status
- Administration ended
- Administration began
- 2013-10-22
- Administrators' firm
- Deloitte
- Incorporated
- 1985-05-23
- Location
- Cardiff
- Industry
- 42990 Construction of other civil engineering projects n.e.c.
Why it went into administration
- Loss of a key customer, supplier or contract
- Sustained trading losses
From the administrators' statement
The decline in the Company's trading performance since August 2011 was primarily caused by the loss of a major contract (with the Company entering an adjudication process over disputes with the client) and the impact of another major on-going contract operating at a significant loss This client was unwilling to renegotiate to agree new terms on the latter contract contributing to negative gross margins over the 8 months to August 2013
The Company's head office function, structured towards a £65m annual turnover business, became unsupportable by the reduced revenue/margin levels and the Directors were unable to matenaily restructure the cost base
In September 2013, the Secured Creditor injected over £1m to allow the Company to continue to trade, whilst options including a potential sale of the Company were explored Interest in some of the Company's business and assets was demonstrated by a prospective purchaser, however no viable offers were received
Administrators' statement of proposals (2013-12-05) · Companies House register