Bidmead Cook Limited (09142436): administration
- Status
- Administration ended
- Administration began
- 2023-07-06
- Administrators
- Sean Ward, Siann Huntley
- Administrators' firm
- Leonard Curtis
- Incorporated
- 2014-07-22
- Location
- Cardiff
- Industry
- 68310 Real estate agencies
Why it went into administration
- COVID-19
- Sustained trading losses
From the administrators' statement
The Company was incorporated in 2014, providing local estate agency services, predominantly across South Wales with additional locations in the West of England. The business grew rapidly and became the largest independent estate agency in the region it covered, operating 11 branches which were all occupied on a leasehold basis.
Following the Covid 19 pandemic a number of these branches remained financially underperforming and the Company had accumulated a significant amount of debt. The Company therefore underwent an informal restructuring exercise in early January 2023, seeing a number of staff redundancies and a reduction to a network of 5 branches; Ross-on-Wye, Aberdare, Ebbw Vale, Abergavenny and Merthyr Tydfil.
Although the restructure allowed the Company to be more profitable going forward, the process gave rise to a number of significant costs and contingent liabilities such leasehold dilapidation claims which could not be serviced by the Company.
Administrators' statement of proposals (2023-08-18) · Companies House register