Metropex Group Ltd (04922538): administration
- Status
- Administration ended
- Administration began
- 2013-12-05
- Administrators
- Irvin Milton Cohen, Kirstie Jane Provan
- Administrators' firm
- Begbies Traynor
- Formerly
- Metropex Ltd; Benstone Building Limited
- Incorporated
- 2003-10-06
- Location
- London
- Industry
- 96090 Other service activities n.e.c.
Why it went into administration
- Loss-making contracts / project overruns
From the administrators' statement
The Company, which was incorporated on 6 October 2003, was formed to carry out the specialist trades of concrete, brick and stone refurbishment with associated specialist cleaning and coatings activities It originally completed works for Metronet Alliance to stations, platforms and tunnels on the London Underground
In 2008, it expanded its client base to include London Underground Limited and Network Rail along with main contractors During the last eight years the Company had experienced growth but suffered several large losses in a shrinking market where the Company's margins were beginning to come under pressure
Begbies Traynor (Central) LLP ("Begbies Traynor’) were first approached by the Company's directors for advice in respect of the directors’ proposed Company Voluntary Arrangement (“CVA”) Work was undertaken in respect of the viability of the CVA, the preparation of the CVA proposals and several meetings were held to discuss the CVA and alternative viable routes for the Company to continue to trade The directors also held meetings with several of their principal clients in order to establish the level of support which the CVA could expect to receive
Administrators' statement of proposals (2014-01-30) · Companies House register