Henrad Plumbing & Heating Ltd (05266765): administration
- Status
- Administration ended
- Administration began
- 2023-02-22
- Administrators
- Thomas William Gardiner, Lee De'Ath
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2004-10-21
- Location
- Colchester
- Industry
- 43220 Plumbing, heat and air-conditioning installation
Why it went into administration
- COVID-19
- Rising costs / inflation
- Brexit
From the administrators' statement
Since its incorporation on 21 October 2004 the Company traded successfully as plumbing and heating contractors mainly working on new build residential contracts.
The Company started to experience cashflow issues during the COVID 19 pandemic during which there was a significant disruption to it work. During this time the company relied on financial support from its bankers and additional cashflow loans. As the Company however saw rising raising costs, most notably the increased costs of materials as a consequence of the COVID 19 pandemic and Brexit, which eroded their profit margins.
The majority of the Company's contracts had been negotiated and agreed on fixed term basis's so with the major rise in costs, the cash flow and profitability of the Company become severely effected. Whilst the Company was busy up until the end of December 2022, on returning in January 2023 they saw a significant decline in new work.
Administrators' statement of proposals (2023-05-01) · Companies House register