Laker Building and Fencing Supplies Limited (07305517): administration
- Status
- Administration ended
- Administration began
- 2023-10-30
- Administrators' firm
- Moorfields
- Incorporated
- 2010-07-06
- Location
- Crawley
- Industry
- 47990 Other retail sale not in stores, stalls or markets
Why it went into administration
- Parent or group failure
- Creditor pressure / legal action
- Property / lease costs
- Sustained trading losses
From the administrators' statement
The Company sought additional working capital to help trade through this difficult period however significant investment or restructuring would be required to break even or trade profitably going forward.
Moorfields were contacted on 27 September 2023 by Adrian Laker, now the sole director. It seemed apparent that the Company was insolvent and at that point it was considered that a Creditors’ Voluntary Liquidation may be appropriate so Moorfields were instructed in that respect on 2 October 2023. However, it became apparent following an independent valuation of the business and assets by qualified agents, SIA Group, that an Administration was more appropriate as it was considered the business was partially viable so should be marketed on an accelerated basis to achieve a prepackaged sale which would enable a better outcome for the Company’s creditors as a whole. Alternatively, an Administration would allow a more orderly and enhanced realisation of assets (given significant rent arrears and potential retention of title (“ROT”) exposure) than liquidation. The potential options of continuing the business on the basis of securing additional funding and a Company Voluntary Arrangement (“CVA”) were also considered together with selling the business as a whole. Unfortunately, a CVA was deemed not feasible due to a lack of surplus cashflow/ongoing profitable operations with the existing …
SIA Group were instructed on 4 October 2023 to market the business and assets for a pre-packaged sale on an accelerated basis and this process concluded on 20 October 2023 (as detailed later in this report) following which the best offer was progressed.
Administrators' statement of proposals (2023-11-10) · Companies House register