Construction Partnership UK Limited (03941201): administration
- Status
- Administration ended
- Administration began
- 2020-04-24
- Administrators
- Steven Muncaster, Sarah Helen Bell
- Administrators' firm
- Kroll
- Incorporated
- 2000-03-07
- Location
- Manchester
- Industry
- 41201 Construction of commercial buildings
Why it went into administration
- COVID-19
- Bad debts / customer insolvency
- Cash flow / liquidity pressure
From the administrators' statement
As detailed previously, the main reason for the Company’s failure was due to contractual issues experienced by the Company during the past 12 months in which the Company incurred losses on a number of contracts, including one major project, due to a combination of employer defaults in-payment, overruns and raw - material price increases.
‘The combined effect of these losses. coupled with the uncertain outlook for the construction industry in wake of the Coronavirus pandemic has caused a drain on the Company’s cash reserves.
Attempts had been made by the Directors to secure additional funding, which was in part successful with the raising of a bridging loan secured on certain company assets. Furthermore, the Directors have also” - $trived to find a solution to restart a major contract which stalled in 2019 but have not been able raise any additional funds in the timeframes required. The Company suffered from a significant bad debt on this
Administrators' statement of proposals (2020-06-30) · Companies House register