Holystone Contracts Limited (03616105): administration
- Status
- Administration ended
- Administration began
- 2013-10-04
- Administrators
- Steven Phillip Ross, Allan David Kelly
- Administrators' firm
- Baker Tilly Corporate Finance
- Incorporated
- 1998-08-14
- Location
- Newcastle upon Tyne
- Industry
- 42110 Construction of roads and motorways
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
As you are aware Holystone Contracts Limited was part of a group of Companies (“The Group”) The group had faced a number of challenges from the prevaiting economic climate and specific challenges within its core business activities The core activities were split into three operating companies, Holystone Contracts Limited (“Contracts”), Holystone Demolition Limited and Holystone Limited
Contracts had effectively been dormant durtng 2011 and 2012 The day to day business of groundworks has been absorbed into Holystone Limited
The group undertook a complete restructure to return its core activities to profitability However time delays in implementing the strategy were beyond the control of management and resulted in a challenging cash flow position that could not be resolved within the group’s banking facility
Administrators' statement of proposals (2013-12-16) · Companies House register