Fitzpatrick Estates Ltd (06382524): administration
- Status
- Administration ended
- Administration began
- 2024-03-28
- Administrators
- Steven Glanvill, Neil Charles Money
- Administrators' firm
- Cba Business Solutions
- Formerly
- JM Homes (Midlands) Limited
- Incorporated
- 2007-09-26
- Location
- Leicester
- Industry
- 77110 Renting and leasing of cars and light motor vehicles
Why it went into administration
- Rising costs / inflation
- Loss-making contracts / project overruns
- Regulatory change or action
From the administrators' statement
Creditors should note that, uniess otherwise stated, this section of my proposals has been prepared based on information provided to me by the directors of the Company and not from my personal knowledge as Joint Administrator.
Fitzpatrick Estates Ltd commencing trading in September 2007, when it was incorporated as a limited company.
The director, Mark Fitzpatrick, had 5 years of experience in the construction industry at the time the Company was incorporated. The source of funds to originally start the business was from loans introduced by the Director. Fitzpatrick Estates Ltd initially built new build developments for private sale, but from 2016 onwards mainly focused on plant hire to the wider group of companies, which operated as construction businesses and main contractors. The group of companies as a whole traded successfully for a number of years, and benefitted from increased trading opportunities following the Covid 19 pandemic. However the Company was impacted by the failure of a connected company, MJ Fitzpatrick Limited, which was caused by planning and service delays, together with rampant cost inflation on fixed price contracts that have incurred larges losses. The resultant impact of the connected party failure means the Company cannot continue to service its debts to the finance providers.
Administrators' statement of proposals (2024-05-26) · Companies House register