Hilton Building Services Limited (04033455): administration
- Status
- Administration ended
- Administration began
- 2013-06-27
- Administrators
- Christopher Robert Pole, Richard James Philpott
- Administrators' firm
- KPMG
- Formerly
- Willoughby (288) Limited
- Incorporated
- 2000-07-13
- Location
- Nottingham
- Industry
- 43220 Plumbing, heat and air-conditioning installation
Why it went into administration
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
The principal activity of Hiltons was building services contracting and faciliues management, with particular focus on the mechanical and electrical sector. The Company operated out of headquarters based in Nottingham but also had a satellite office in London. Hiltons was incorporated in 2000 however the business had been operating for more than a century.
Th the last set of audited accounts for the year end 31 December 2011, the Company had a turnover of £19.8m with a corresponding profit for the financial year of £103,000
Changing conditions in the market Jed to a steady reduction m profitability over the last two years. The directors instigated a turnaround plan in late 2012 in an attempt to address the continuing market challenges and detenorating trading performance Whilst this strategy initially helped to alleviate certain cash pressures, the Company experienced significant delays 1n respect of two larger contracts and associated debtor receipts in early 2013. This led to a worsening cash position and increasing creditor pressures during the subsequent months,
Administrators' statement of proposals (2013-10-25) · Companies House register