Interface Contracts Limited (02699908): administration
- Status
- Administration ended
- Administration began
- 2021-10-13
- Administrators
- Gary Bell, Jeremy Nigel Ian Woodside
- Administrators' firm
- Quantuma
- Incorporated
- 1992-03-24
- Location
- Manchester
- Industry
- 43210 Electrical installation
Why it went into administration
- HMRC / tax arrears
- COVID-19
- Sustained trading losses
- Property / lease costs
- Loss of key people
From the administrators' statement
3.1 The last filed accounts prepared in respect of the Company relate to the financial year to 31 March 2019. The accounts reveal that the Company made an operating profit of £487,000, however, its turnover dropped from £19 million in the previous year to £10 million.
3.2 The Company's turnover levels were impacted upon by the investment programs of the major utility companies linked to the Government's Asset Management Plan (‘AMP’) cylce in relation to the water industry. Government invests funds in infrastructure projects based upon six / seven year periods (‘the cycle’). The director's state that, in relation to the year to 31 March 2019, the Company's turnover was severly impacted by the rapid reduction of investment projects under AMP6 as that particular cycle drew to a close awaiting the commencement. of the AMP7 water industry work being released which were not due to start until 2020.
3.3. Draft accounts to 31 March 2020, reveal that turnover dropped further to £6.6 Million resulting in a net loss of £830,000 for the year. This in part is attributable to the delay in commencement of AMP7 and also the effects of the Covid pandemic which began to have a significant and detrimental impact upon the company’s turnover.
Administrators' statement of proposals (2021-12-07) · Companies House register