Altura 10 Scaffolding Ltd (06793584): administration
- Status
- Administration ended
- Administration began
- 2019-05-13
- Administrators
- Dominik Thiel-Czerwinke, Lloyd Christopher Biscoe
- Administrators' firm
- Begbies Traynor
- Formerly
- Altura TEN Scaffolding Ltd
- Incorporated
- 2009-01-16
- Location
- Southend on Sea
- Industry
- 43991 Scaffold erection
Why it went into administration
- Creditor pressure / legal action
- HMRC / tax arrears
From the administrators' statement
The Company commenced trading in February 2010 providing a range of scaffolding services to both the private and domestic markets, focusing mainly on larger construction projects.
It is understood that in late 2016 the Company experienced financial difficulties. The reasons cited for these issues are the late receipt of debtor monies, the cost of a move of trading premises and the additional capital required at this time to purchase materials required on contracts which the Company was engaged. The Company sourced funding at this time from Funding Circle, D&D Leasing, ONE PM Finance and Boost Capital. The Company is advised to have continued to fall behind in payments to parties such as HMRC as contracts that were taken on with the local council had 70 day payment terms and some underpayments were made.
In May 2017 the Company approached Mountfield Joint Investments Ltd (“Mountfield”) for funding. Mountfield provided lending in the sum of £200,000 which was secured by way of a fixed and floating charge. The Company continued to trade, however also continued to accrue debts to HM Revenue & Customs.
Administrators' statement of proposals (2019-07-16) · Companies House register