Cuddy Demolition & Dismantling Ltd (02892963): administration
- Status
- Administration ended
- Administration began
- 2018-07-23
- Administrators
- Nicholas Stewart Wood, Alistair Gareth Wardell
- Administrators' firm
- Grant Thornton
- Formerly
- Aicea Limited
- Incorporated
- 1994-01-31
- Location
- Manchester
- Industry
- 42990 Construction of other civil engineering projects n.e.c.
Why it went into administration
- Rising costs / inflation
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Creditor pressure / legal action
- Management failings / irregularities
- Parent or group failure
From the administrators' statement
The group was historically profitable but started incurring losses in 2016. The group's margins were squeezed by increasing costs and issues around securing new contracts.
One of the directors of the group, Michael Cuddy, was taken ill in November 2016.
Some financial irregularities were discovered and the other director and joint shareholder at the time, John Cuddy, reported this to Barclays Bank Plc (Barclays/the Bank).
Administrators' statement of proposals (2018-09-26) · Companies House register