Tower Demolition (Holdings) Limited (07747685): administration
- Status
- Administration ended
- Administration began
- 2023-06-29
- Administrators' firm
- Quantuma
- Formerly
- Tower Demolition and Enabling Ltd; Tower Demolition (Holdings) Limited; Tower Demolition Limited
- Incorporated
- 2011-08-22
- Location
- Basildon
- Industry
- 43110 Demolition
Why it went into administration
- Loss-making contracts / project overruns
From the administrators' statement
3.1 Quantuma Advisory Limited were first approached by the Company on 10 May 2023 to review the financial position, following which it was appropriate to for the Company to instruct a Quantity Surveyor to provide independent advice regarding the completion of contracts in place and to safeguard retentions. It was established that although the Company had a well known reputation within the industry, the cash flow position meant that the Company had limited funds available to enable it to continue trading for any significant period of time. Therefore, the novation of the current contracts to be completed was considered to be the most beneficial outcome to be achieved, to enable projects to be completed and preserving future retentions. The Company subsequently instructed Quantuma Advisory Limited on 26 June 2023 to assist the Company being placed into Administration.
3.2 No Moratorium under Part A1 of the Act has been in force for the Company at any time within the period of 2 years ending with the day on which it entered Administration.
3.3 Attached at Appendix Ill is an account of the work undertaken prior to the Joint Administrators’ appointment and the costs associated with that work.
Administrators' statement of proposals (2023-09-18) · Companies House register