Richmond Building Services Limited (08741190): administration
- Status
- Administration ended
- Administration began
- 2018-10-26
- Incorporated
- 2013-10-21
- Location
- London
- Industry
- 43390 Other building completion and finishing
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
- Sustained trading losses
From the administrators' statement
3.13. Despite initially making a profit, Mr Richmond has explained that as the Company grew in size, the margins dropped and losses were made. This was fundamentally due to quoting too low for work and not adequately considering the overheads of the Company.
3.14. As the Company was unable to settle HMRC liabilities, its financial position worsened and the liability grew to in excess of £100,000, including tax liabilities from preceding years.
3.15. Despite attempts to improve profit margins and obtaining further investment by way of a Funding Circle loan (of £70,000}, the Company was unable to repay HMRC.
Administrators' statement of proposals (2018-12-06) · Companies House register