Astec Projects Limited (02849441): administration
- Status
- Administration ended
- Administration began
- 2014-04-11
- Administrators' firm
- Deloitte
- Formerly
- Pitcomp 94 Limited
- Incorporated
- 1993-09-01
- Location
- Birmingham
- Industry
- 41201 Construction of commercial buildings
Why it went into administration
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- Parent or group failure
From the administrators' statement
Astec was formed in 1994 and specialised in the design, supply and installation of external building envelopes Up to 2012, the business had grown to ¢£30m sales and was trading profitably
In fight of the number of contract opportunities, the directors took the decision to attempt to grow the business further and during 2013 it recorded sales of £45m During this year, the Group's management resources became strained and It was unable to fund the additional working capital requirements of the enlarged business
The Group had been working with its auditors and a distressed investor to understand Its options for raising additional finance Deloitte were first introduced to the Group early April to widen the Group's attempts to raise finance and to assist the directors with contingency planning Unfortunately, by this time the business was under severe cash stress, the funding requirement of the business was too great and the time available for interested parties to undertake due diligence was too short for them to consider an offer
Administrators' statement of proposals (2014-06-16) · Companies House register