Heath Avery Architects Limited (04386341): administration
- Status
- Administration ended
- Administration began
- 2018-12-04
- Incorporated
- 2002-03-04
- Location
- Cheltenham
- Industry
- 71111 Architectural activities
Why it went into administration
- Loss of a key customer, supplier or contract
From the administrators' statement
The company was formed in 2002 and traded successfully until 2016 when it acquired the assets and business of Astam Limited to create a larger organisation servicing all aspects of architectural services and associated property issues. New larger premises were acquired and the combined firm quickly established itself particularly in the educational and care home sectors. Finances were carefully managed throughout as the company had only very limited funding; invoices and fee notes were raised at the earliest opportunity and time spent as work In progress was strictly monitored. Some of the project work undertaken could not however be managed in this way due to the disproportionate size of clients, some of whom were major ples, and some of the work undertaken was by it’s very nature speculative to some extent as fees were conditional on for example planning consent being granted or a successful budget tender. Towards the end of the current year two major clients announced that they were deferring futher capital project work which led the board to review underlying future profitability and immediate cash flow requirements. Professional advice was taken and the company ceased trading …
A summary of the Company's recent trading performance is shown below.
Mgmt Accts Statutory Accts Year ended 31.3.18 Year ended 31.3.17 £'000 £’000
Administrators' statement of proposals (2019-02-20) · Companies House register