BSL Realisations 2011 Limited (03007892): administration
- Status
- Administration ended
- Administration began
- 2011-07-21
- Administrators' firm
- Evelyn Partners
- Formerly
- Lollipop Scaffolding Limited; Benchmark Scaffolding Limited
- Incorporated
- 1995-01-09
- Location
- Loughton
- Industry
- 4525
Why it went into administration
- HMRC / tax arrears
- Bad debts / customer insolvency
- Competition / price pressure
From the administrators' statement
The Company was founded in 1995 as a scaffolding contractor growing rapidly to become one of the most respected contractors in the London area The Company provided a national offering through its Barnsley office
The economic downturn had a particularly acute effect on the construction industry This led to a decrease in turnover, the Company just breaking even sn 2008/09 and incurring a loss of £1 2m in 2009/10 The effect of the downtuin on profit and cashflow was compounded by a significant bad debt and a reduction in lending facilities A number of overruns on large jobs tied up stock necessitating the purchase of further equipment putting further pressure on cash
During the year to April 2011 the Company fell into substantial arrears with HM Revenue & Customs necessitating urgent further funding and/or an acceptable Tume To Pay (“TTP”) agreement to be teached in order to avoid insolvency A number of TTP proposals were submutted to HMRC However it became apparent that only repayment over a maximum of three months would be accepted All concervable sources of finance to enable this plan to be achieved were explored but without success
Administrators' statement of proposals (2011-08-31) · Companies House register