Parkstone Construction Limited (03171449): administration
- Status
- Administration ended
- Administration began
- 2015-01-26
- Administrators
- Lloyd Christopher Biscoe, William John Kelly
- Administrators' firm
- Begbies Traynor
- Incorporated
- 1996-03-12
- Location
- Southend on Sea
- Industry
- 42990 Construction of other civil engineering projects n.e.c.
Why it went into administration
- Sustained trading losses
- Funding withdrawn / unable to refinance
- Credit insurance / supplier credit withdrawn
- Loss of key people
From the administrators' statement
The following statement has been prepared by the directors
The Parkstone Group has traded successfully for a number of years On 23 February 2007 a management buyout was concluded between the Company's current difectors and the former managing director Mr P Willams under a vendor funded deal with deferred consideration to assume the business from the existing shareholders Mr Willams agreed to leave the Company in January 2008 but it was unanimously agreed that the shareholders would seek external funding to financially discharge Mr Willams early and before the first anniversary Funding to undertake this was secured through HBOS The business proceeded to grow until late March/early April 2008 when the industry came to a grinding halt in regards to new large scale opportunities
Looking forward we saw that the only way we could navigate this downturn in the construction industry was to change our project profile and restructure our staff In July 2008 we underwent this restructuring and introduced a 10% salary pay cut across the board with 18 staff made redundant Our average project size shrank to £750K however we secured many more projects at reduced margins
Administrators' statement of proposals (2015-04-01) · Companies House register