Tego Roofing Limited (04137851): administration
- Status
- Administration ended
- Administration began
- 2019-11-27
- Administrators
- Andrew John Duncan, Alex David Cadwallader
- Administrators' firm
- Leonard Curtis
- Formerly
- Quarry Roofing Services Limited
- Incorporated
- 2001-01-09
- Location
- London
- Industry
- 43910 Roofing activities
From the administrators' statement
The Company was incorporated on 9 January 2001 and commenced to trade around that time The principal trading activity of the Company was providing commercial and residential roofing solutions.
The Company traded for almost two decades under the control of Darren Corner (‘DC’), the previous owner. The Company had generally traded successfully throughout its history up until the year ended 31 December 2018.
In the later part of 2018, DC entered into negotiations with a number of parties to sell his interest in the Company. One of these parties, Redsky2 Limited ("RS2"), a subsidiary of Fidelis Group Limited ("Fidelis"), made an offer of £2,650,000, £1 5 million on completion and £1,150,000 on deferred terms over a period of four years. The sale also included additional earn-out entitlement of £200,000 plus additional provisions that give further entitlements to the seller in certain circumstances. This offer was subsequently accepted by DC. Due to delays in completing management accounts for November and December 2018, £200,000 of the initial consideration was retained in escrow pending completion of these accounts.
Administrators' statement of proposals (2020-01-10) · Companies House register