SHS Cladding Limited (07312495): administration
- Status
- Administration ended
- Administration began
- 2017-03-21
- Administrators
- Richard Michael Hawes, Matthew James Cowlishaw
- Administrators' firm
- Deloitte
- Formerly
- Swanbridge Industrial Services Limited
- Incorporated
- 2010-07-13
- Location
- Birmingham
- Industry
- 43290 Other construction installation
Why it went into administration
- Sustained trading losses
From the administrators' statement
We understand the Companies began experiencing a decline in trading performance in late 2016/early 2017, attributed to poor pricing of contracts and a lack of control over direct labour costs, particularly outside of core scaffolding activities.
In December 2016, the Companies completed a £1,750k funding round with BGF in order to remain within its banking facilities (£1,000k new money and £750k to repay an existing BGF loan}. However, in February 2017, the Group identified a further cash requirement in excess of its facilities of £750k by 31 March 2017 and 1,000k by 30 April 2017.
Steps taken to remedy/turnaround
Administrators' statement of proposals (2017-05-26) · Companies House register