Rowburn Limited (08226766): administration
- Status
- Administration ended
- Administration began
- 2017-10-04
- Administrators
- David Adam Broadbent, Gillian Margaret Sayburn
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2012-09-24
- Location
- Newcastle upon Tyne
- Industry
- 43999 Other specialised construction activities n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Creditor pressure / legal action
- Bad debts / customer insolvency
From the administrators' statement
The Company, a building contractor, began to experience cash flow pressure as a consequence of a bad debt of £170,000 in 2015 and more recently losses of approximately £200,000 on a contract. The Company had also won more work than had been anticipated which required funding. These factors put substantial pressure on the Company’s cash flow.
To assist with the cash flow the Company had taken out two loans totalling approximately £52,000 which were personally guaranteed by the Director.
The Company had a confidential construction finance facility, personally guaranteed by the Director, and had looked to increase its funding limit. When the request to increase the limit was declined the Company entered into discussion with altemative funders. These discussions also proved unsuccessful.
Administrators' statement of proposals (2017-10-19) · Companies House register