Macob Properties Limited (05895928): administration
- Status
- Administration ended
- Administration began
- 2014-03-05
- Administrators
- Nigel Price, William John Kelly
- Administrators' firm
- Begbies Traynor
- Formerly
- Macob (London) Limited
- Incorporated
- 2006-08-03
- Location
- Birmingham
- Industry
- 41201 Construction of commercial buildings
Why it went into administration
- Creditor pressure / legal action
- Sustained trading losses
From the administrators' statement
Macob Properties Limited (“Properties”) was incorporated on 3 August 2006 Its purpose was to develop land and buildings and 1s best described as a development company Properties was part of a wider group of companies although actiity in this company had recently ceased because the development site held tn this company had been completed
Macob Property Holding Limited (“MPHL") was incorporated on 30 March 2012 Its purpose was to act as a new holding company following the restructure of a group of seventeen companies (including the parent company MPHL) The group consisted of three trading companies (two contracting and one scaffolding), five internal service companies (such as payroll and health & safety) and eight development companies (1 e holding land and/or property for future development) (“the Group")
The contracting companies (Macob Limited and Macob Southern Limited) were operating in a difficult sector (construction and specifically house building) and had underperformed in recent months This had placed a significant burden on the overall working capital facilities of the group The group operated with a composite accounting system arrangement provided by its bank, which enabled the individual subsidiaries to hold and operate their own accounts Whilst certain of the subsidiaries within the group had net assets, the performance and viability of its key trading subsidiaries was less certain and, consequently, more pressure was placed on working capital facilities and the overall ability of the group to pay its debts as and when they fel! due
Administrators' statement of proposals (2014-05-02) · Companies House register