KEC Development Company Limited (06955414): administration
- Status
- Administration ended
- Administration began
- 2020-04-22
- Administrators
- Sarah Megan Rayment, David Riley
- Administrators' firm
- Kroll
- Formerly
- Fleetness 656 Limited
- Incorporated
- 2009-07-07
- Location
- Manchester
- Industry
- 41100 Development of building projects
Why it went into administration
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
The main reasons for the Group's failure was as a result of contractual issues experienced by the sole trading entity within the Group, BCL, in late 2018 on three major projects which négatively impacted it's revenues by c£3.2m, ultimately resulting in trading losses of c£2. 6m being accrued for-the year.
In addition to the above, new work streams had been slow in the first half of 2019 with several ‘opportunities turned down due to the nature and risk related to them. However, several pending tenders were won in the months of October and November 2019 which strengthened the order book for 2020. However, as the newly ° won contracts were not planned to start until the New Year, there was a gap in the cash flow that further
_ impacted the Group’s balance sheet.
Administrators' statement of proposals (2020-06-26) · Companies House register