Swift Scaffold (Midlands) Ltd (07440226): administration
- Status
- Administration ended
- Administration began
- 2023-11-17
- Administrators
- Nathan Jones, John Anthony Lowe
- Administrators' firm
- FRP Advisory
- Incorporated
- 2010-11-15
- Location
- Leicester
- Industry
- 43991 Scaffold erection
Why it went into administration
- Cash flow / liquidity pressure
- COVID-19
- Rising costs / inflation
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- Sustained trading losses
From the administrators' statement
The Company was incorporated in 2010 as an independently owned scaffolding company to provide reliable, time efficient scaffolding services throughout the Midiands and further afield. The ultimate beneficial owners of the Company at this time were John Davis & Michelle Davis.
In November 2017 the Company via its parent, Swift Scaffold (Holdings) Limited was acquired by Redsky1 Ltd, a Company within Fidelis Group Ltd (“Fidelis”). To fund the acquisition the purchaser effectively raised finance against the Company’s assets and provided deferred consideration.
Covid-19 adversely impacted the business. The Company did receive a CBILS loan that alleviated some of the immediate issues, however subsequently capital and interest payments fell due which soon eroded this benefit. We are advised that, whilst some capital payments were made, the majority of the CBILS loan remains outstanding. Given the leveraged position of the wider group and the Company’s adversely affected performance the business could not sustain profitability or generate positive cash flow.
Administrators' statement of proposals (2024-01-03) · Companies House register