Simon Carves Limited (04169897): administration
- Status
- Administration ended
- Administration began
- 2011-07-07
- Administrators' firm
- PwC
- Formerly
- Sembcorp Simon-Carves Limited; Simon-Carves Limited; Precis (1999) Limited
- Incorporated
- 2001-02-28
- Location
- Leeds
- Industry
- 7487
Why it went into administration
- Sustained trading losses
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
In the financial years ending 31 March 2009 and 2010 the Company incurred significant trading losses under a number of construction contracts. The Company's ultimate parent, PL, funded the losses by way of intercompany loans totalling circa £240 million which enabled the Company’s business to continue as a going concern
In April 2010 a new management team was introduced to pursue an alternative operational strategy to return the Company to profitability. The new strategy involved a withdrawal from the loss-making construction business, allowing the Company to re-focus on its original core engineering and procurement activities.
In December 2010, PL and the Company engaged PricewaterhouseCoopers LLP (“PwC”) to provide options advice in respect of the Company’s operations, including a review of the Company’s cash flow requirements.
Administrators' statement of proposals (2011-08-31) · Companies House register