ACE Scaffolding (M/CR) Limited (04553252): administration
- Status
- Administration ended
- Administration began
- 2023-12-04
- Administrators
- Louise Longley, Andrew Graham Mackenzie
- Administrators' firm
- Begbies Traynor
- Formerly
- Masidale Limited
- Incorporated
- 2002-10-03
- Location
- Leeds
- Industry
- 43991 Scaffold erection
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- COVID-19
- Loss of a key customer, supplier or contract
From the administrators' statement
The Company was incorporated on 3 October 2022 to carry out domestic scaffolding, offering professional scaffolding services throughout the Manchester area and further afield. The ultimate beneficial owners of the Company at this time were Neil Redford and Stewart Sunter.
In October 2017 the Company was acquired by Purple Group Holdings which subsequently changed its name to Tay Group Limited in July 2018, a company within The Fidelis Group Limited (“Fidelis”). To fund the acquisition the purchaser raised finance and provided deferred consideration. Whilst the deferred consideration has been paid, there are certain obligations that were required to be met in the purchase agreement that Tay Group Limited are yet to meet. The Company was unable to raise finance in order to purchase the leased property.
The Company trades from leasehold premises in Eccles, Manchester which were leased from the previous beneficial owners, Mr Redford and Mr Sunter.
Administrators' statement of proposals (2024-01-25) · Companies House register