Control AER (Leeds) Limited (04291002): administration
- Status
- Administration ended
- Administration began
- 2011-05-09
- Administrators
- Nicholas Edward Reed, Toby Scott Underwood
- Administrators' firm
- PwC
- Formerly
- Lincoln Products Limited
- Incorporated
- 2001-09-20
- Location
- Leeds
- Industry
- 2875
Why it went into administration
- Bad debts / customer insolvency
- Loss-making contracts / project overruns
From the administrators' statement
The majority of the Group’s business was based 1n the Republic of Ireland and this was directly affected by a slowdown in the construction sector which commenced 1n late 2007 The Group’s turnover for the financial year ended 31 August 2008 saw a 16% fall in turnover to €16.3m.
Staff costs were reduced within the Group throughout 2009 by a reduction of staff numbers from 135 to 88 and reductions in wage levels The directors focused their attention on achieving new business outside of the Republic of Ireland as the effects of the recesston in Ireland ground the construction industry to a halt. The Groups turnover continued to diminish throughout 2009 with Group turnover for financial year ended 31 August 2009 of €13.7m.
The Group ran in to significant difficulty in 2010 as a number of large contracts were delayed which led to considerable cost overruns The deteriorating Insh economy gave rise to a large number of construction related insolvencies resulting in a considerable number of debt wmte downs and bad debts.
Administrators' statement of proposals (2011-07-07) · Companies House register