Vinshire Plumbing and Heating Limited (02389216): administration
- Status
- Administration ended
- Administration began
- 2020-12-03
- Administrators
- Andrew Knowles, Allan Watson Graham
- Administrators' firm
- Kroll
- Formerly
- Addcore Limited
- Incorporated
- 1989-05-25
- Location
- Birmingham
- Industry
- 43220 Plumbing, heat and air-conditioning installation
Why it went into administration
- Sustained trading losses
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Loss-making contracts / project overruns
From the administrators' statement
The Company's turnover was based on 16 key JCT (and equivalent) contracts. Due to the contractual obligations of certain contracts, that can run for several years, poor performing contacts with yearly losses meant that the Company forecasted that it would soon not be able to pay its liabilities as and when they fell due.
Duff & Phelps were then engaged by the Directors on 23 October 2020 to carry out an insolvency options review with a view of commencing and AMA process.
Appointment
Administrators' statement of proposals (2020-12-16) · Companies House register