Rasico Construction Ltd (13636667): administration
- Status
- In administration
- Administration began
- 2025-11-14
- Administrators
- David Frederick Wilson
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2021-09-22
- Location
- Leeds
- Industry
- 41201 Construction of commercial buildings
Why it went into administration
- Funding withdrawn / unable to refinance
- Bad debts / customer insolvency
From the administrators' statement
Rasico Construction Limited (‘the company’) was incorporated in September 2021 by Simon Hall (‘SH’) and Rachael Hall (formerly Jolley) (‘RH’). The Directors had an existing company Rasico Consulting Limited which operated as a Quantity Surveying practice that specialised in the commercial construction industry, specifically in the care home sector. The Directors then took an opportunity to expand their offerings and go into the commercial construction sector as a builder and property developer. With the retained profits from the Rasico Consulting Limited (‘Consulting’), the company provided initial funding for the company and it commenced building works focussed on care home projects and some residential schemes.
The company initially operated from the Directors’ home in Sherburn in Elmet, then relocated to offices in Northallerton but have subsequently moved to a unit in Darlington-Farmers Auction Mart which they occupied under an informal tenancy agreement with Consulting, who occupied under a lease. The company operated a bank account with Barclays but did not operate an overdraft.
The company made an initial loss in the year end September 2022 of £38,810 however, this was mainly due to the, labour costs and overheads that were incurred as initial startup costs. During this initial period, the funding of the company was provided by way ofa loan account from Consulting. In the period to May 2023, the company had borrowed £132,177 from Consulting. Trading continued trading with the company making a profit in the year to September 2024. In late 2024, the company then encountered significant operational challenges due to delays in client’s planning approvals and client’s delays in securing funding for the works that had been actioned. Additionally, the company encountered several bad debts which impacted negatively on the company’s cash flow and profitability.
Administrators' statement of proposals (2026-01-16) · Companies House register