Truss Loft Conversions PLC (07180808): administration
- Status
- Administration ended
- Administration began
- 2011-05-12
- Administrators' firm
- Begbies Traynor
- Formerly
- Truss Loft Conversions Limited; Global Telemetry Limited
- Incorporated
- 2010-03-06
- Location
- Leeds
- Industry
- 4542
Why it went into administration
- Over-expansion / investment not recovered
From the administrators' statement
Truss Loft Conversions Ple (“the Company”) was incorporated on 6 March 2010 and remained dormant until tt acquired the assets of Truss Loft Limited, an associated Company which had become insolvent due to a rapid expansion in turnover leaving it operationally compromised The transaction was completed by way of an Asset Sale Agreement from the Admuustrators of Truss Loft Limited on 4 November 2010
Following the completion of the Asset Sale Agreement the Company took occupation of the existing premises at Bellwood Farm, Harrogate Road, Littlethorpe, Ripon, North Yorkshire, HG4 3AA The Company maintained the principle established by the failed Company and embarked upon undertaking loft converstons in relatively modern properties that were not suitable for a traditional loft conversion, by installing a steel frame to replace the timber ‘trusses’ of the roof structure without removing the roof
The Company completed 13 loft conversions in November, as part of the obligation within the sale agreement to complete work in progress (‘WIP’) achieving an overall turnover of £605,829 However as a result of pre-payments already made to the former Company, sales commission, material purchases, costs of delivery and overheads, the result for the month was a loss of £2,409 In the following months the negative cashflow WIP was completed however the number of new loft orders decreased, but through better control of a smaller number of contracts, margins were improved
Administrators' statement of proposals (2011-07-11) · Companies House register