Readie Construction Limited (06069233): administration
- Status
- In administration
- Administration began
- 2024-02-06
- Administrators
- Constantinos Pedhiou, Gary Paul Shankland
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2007-01-26
- Location
- Northampton
- Industry
- 41201 Construction of commercial buildings
Why it went into administration
- HMRC / tax arrears
- COVID-19
- Credit insurance / supplier credit withdrawn
- Rising costs / inflation
- Cash flow / liquidity pressure
- Supply chain disruption
- Funding withdrawn / unable to refinance
- Property / lease costs
- Sustained trading losses
- Competition / price pressure
- Weather / natural events
From the administrators' statement
The Company was incorporated on 26 January 2007 under the directorship of Glenn Stuart Read, who was responsible for operational matters, and Simon James Webb, who was responsible for commercial matters. The Company commenced trading on 1 February 2008. The purpose of the Company was to establish a main contractor business to undertake projects for large commercial / industrial clients. Both directors were professionally qualified and had spent over 10 years in senior positions at Fitzpatrick Contractors Ltd, undertaking projects for large commercial / industrial clients.
The Company has, for most of its history, traded from leasehold premises at Unit 15, Falcon Business Centre, Ashton Road, Romford and, since 2018, has also additionally occupied leasehold office space at Unit 18 Falcon Business Centre, Ashton Road, Romford.
The internal funding for the business was provided by way of £50,000 in share capital from Mr Read, who also personally funded some supplier costs. In addition, during the initial 12 months of trade, neither of the two directors drew a salary or expenses from the business. No charges, overdrafts or additional security were ever utilised by the Company during its establishment or operation.
Administrators' statement of proposals (2024-04-03) · Companies House register