CES Realisations Limited (05148643): administration
- Status
- Administration ended
- Administration began
- 2020-11-03
- Administrators
- Allan Watson Graham, Matthew Ingram
- Administrators' firm
- Kroll
- Formerly
- CHS Engineering Services Limited
- Incorporated
- 2004-06-08
- Location
- Birmingham
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- COVID-19
- Sustained trading losses
From the administrators' statement
The Company had historically been loss making up to 2017, however in 2018 the shares of the Company were purchased by RCapital and following investment into the business the Company reported EBITDA of £146,858 and £427,274 for the financial years ended 30 June 2019 and 30 June 2020.
The Company was adversely impacted by the UK lockdown in March 2020 due to the Covid-19 (Coronavirus) pandemic with a number of large projects being postponed. The majority of employees were placed on furlough however, the Company was still losing cash on a monthly basis.
On 5 October 2020, Duff & Phelps were engaged by the Company to commence an AMA process, however no offers were received for the business and assets on a solvent or insolvent basis. Therefore, the Directors took the necessary steps to place the Company into Administration.
Administrators' statement of proposals (2020-12-29) · Companies House register