Sustinere Solutions Ltd (09512941): administration
- Status
- Administration ended
- Administration began
- 2019-07-23
- Administrators
- Steven Phillip Ross, Allan David Kelly
- Administrators' firm
- RSM
- Incorporated
- 2015-03-26
- Location
- Newcastle upon Tyne
- Industry
- 74909 Other professional, scientific and technical activities n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Bad debts / customer insolvency
From the administrators' statement
The following narrative has been drafted from comments made by the Directors of the Company at meetings with the Administrators.
The company was founded in March 2015 as a specialised mechanical and engineering contractor, and immediately secured a large contract with the housebuilding division of one of the Uk’s leading housebuilding and construction companies. In the first year of trading, the company turned over £1m, and whilst in in the year to March 2017 the market conditions were tougher, the company still achieved turnover of c£600k. The company grew in the following 12 months and turnover increased to £1.4m.
The directors sought to expand in 2018 and secured funding of £350k from a local fund management group, and this allowed the company to secure a further £2.5m of contracts and also involved the expansion into Cumbria. Unfortunately, soon after the various contracts were awarded, independently of each other it was clear that commencement of these were going to be delayed into 2019, but the delays meant that the company looked to address the trading shortfall by taking on a sub-sub-contract opportunity valued at c£340k; this was due to start in December 2018, but this job too experienced a short delay until January 2019.
Administrators' statement of proposals (2019-09-25) · Companies House register