G.M. Jones Limited (04969497): administration
- Status
- Administration ended
- Administration began
- 2019-03-21
- Administrators
- Patrick Alexander Lannagan, Conrad Alexander Pearson
- Administrators' firm
- Mazars
- Formerly
- GM Jones Builders Limited
- Incorporated
- 2003-11-19
- Location
- Manchester
- Industry
- 41100 Development of building projects
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Sustained trading losses
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Loss of a key customer, supplier or contract
- Bad debts / customer insolvency
- Property / lease costs
From the administrators' statement
The Company was incorporated in November 2003, having previously traded as GM Jones with Gordon Mark Jones (‘GMJ’) being the sole trader and Anthony Jones (‘AJ’) working on and off for the business. In the following paragraphs, the Administrators provide their understanding of the events which preceded the appointment of Administrators, following discussions with the Directors.
Following incorporation, both GMJ and AJ worked full time for the business with GMJ owning 60% of the share capital and AJ owning 40%. Ata later date, the spouses of GMJ and AJ also became members of the Company with each individual owning 25% of the voting shares.
Initially the business had no bank lending with trading funded by monies introduced by the members / directors. The Company operated from GMJ’s personal property before moving to portable cabins which were erected on a rented plot of land at Nebo Road, Llanrwst.
Administrators' statement of proposals (2019-06-04) · Companies House register