CHC1 Limited (05882828): administration
- Status
- Administration ended
- Administration began
- 2017-12-15
- Administrators
- Stephen Powell, Julie Anne Palmer
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2006-07-20
- Location
- Salisbury
- Industry
- 41202 Construction of domestic buildings
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
The Company had a successful (profitable) financial year to 30 September 2016 and finished the calendar year with four good contracts that would not be completed until late 2017. The reasons why the Company ran out of liquidity in Q4 of 2017 were:
Two of the four contracts ran into delays of around 10-12 weeks, but the Company was not entitled to any significant extension of time under these contracts. The delays had the following impact:
a) Recovery from those contracts of the planned contribution to the Company’s overhead and profit dropped significantly below budget.
Administrators' statement of proposals (2018-01-26) · Companies House register