Superior Roofing & Building Services Ltd (04479959): administration
- Status
- Administration ended
- Administration began
- 2017-11-16
- Administrators
- Jamie Taylor, Kirstie Jane Provan
- Administrators' firm
- Begbies Traynor
- Formerly
- Superior Roofing Ltd
- Incorporated
- 2002-07-08
- Location
- London
- Industry
- 43390 Other building completion and finishing
Why it went into administration
- Competition / price pressure
- Sustained trading losses
From the administrators' statement
On 8 November 2017, Jamie Taylor of Begbies Traynor (Central) LLP was introduced to the director, Mr Paul Miller (‘the Director’), by the Company's accountants because the Company was experiencing financial difficulties. On 9 November 2017, Kirstie Jane Provan of Begbies Traynor (London) LLP (“Begbies Traynor’) made contact with Shawbrook to explain that the Company was in financial difficulty and that the Director was looking to engage Begbies Traynor to provide advice in respect of the Company's options.
On 10 November 2017, Begbies Traynor staff attended the Company's trading premises at Superior House to meet with the Director and the office manager with a view to gaining an understanding of the Company's business model and the current financial position, in order to consider the options available and whether a sale of the business and assets of the Company could be achieved.
The Director advised at this meeting that he had acquired the Company approximately seven years ago and turnover had grown during this time from £3.8m to £11m, though in the last two years this had declined to £7m. The Director advised that the decline in turnover, coupled with an increase in overheads, had led to cash flow restrictions on the Company which were compounded by the reduction of the Company’s overdraft facility with RBS, from £500,000 to £250,000 in mid 2017, which it had made use of for many years.
Administrators' statement of proposals (2018-01-09) · Companies House register