GWD Projects Limited (05172089): administration
- Status
- Administration ended
- Administration began
- 2011-08-04
- Administrators
- Simon Allport, Thomas Andrew Jack
- Administrators' firm
- EY
- Formerly
- Gill & Wilkinson Holdings Limited; Broomco (3481) Limited
- Incorporated
- 2004-07-06
- Location
- Manchester
- Industry
- 7415
Why it went into administration
- Loss-making contracts / project overruns
- Sustained trading losses
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
From the administrators' statement
The Group's retail and care home operations were impacted by a market decline, pricing pressures and delays to a number of significant prayects These operations were typically the Group’s most profitable projects and as a result the reduction in sales was also accompanied by an overall reduction in gross margin
The Group continued to trade through the turbulent conditions but made a number of poor business decisions and mispriced some new contracts This resulted in heavily loss making projects which put additional pressure on cash flow, so much so, the Group decided to withdraw from two of its care home contracts
This left the Group with significant creditor arrears that they could not furnish without additional funding and a fundamental restructunng The Group was unable to obtain the funding required and consequently on 1 August 2011, the Directors filed a notice of intention to appoint T A Jack and S Allport as
Administrators' statement of proposals (2012-03-06) · Companies House register