R&W Civil Engineering Ltd (08428819): administration
- Status
- In administration
- Administration began
- 2023-07-24
- Administrators
- Sandra Lillian Mundy, Paul Davies
- Administrators' firm
- Menzies
- Incorporated
- 2013-03-04
- Location
- 1-4 Cumberland Place
- Industry
- 42110 Construction of roads and motorways
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated on 04 March 2013 and operated as a civil engineering company with specialist expertise in highways. It employed 93 staff from its operating sites principally in Southern England.
The directors advised us that the Company experienced significant trading difficulties on several current and recent contracts, in particular a contract undertaken in the utilities sector, and it had also suffered with forward planned works slipping behind schedule leading to a work shortfall. More generally, the current economic climate and related concerns caused a slowdown in the market, generating uncertainty as to future income streams, as well as the profitability of present contracts being tested by difficult market conditions. This resulted in cashflow pressures.
Additionally, there had been a dispute between the directors, and recently on 8 June 2023 Raymond Ransom resigned from the board. The directors and shareholders of the parent company, Chantacre Limited, are also in dispute. This diverted the focus of the board away from the operations of the Company.
Administrators' statement of proposals (2023-09-07) · Companies House register