Westcrowns Contracting Services Ltd. (SC045884): administration
- Status
- Administration ended
- Administration began
- 2017-10-20
- Administrators
- Elizabeth Galbraith Mackay, Catherine Williamson, Benjamin J Browne
- Administrators' firm
- AlixPartners
- Formerly
- Harndec Flooring Company Limited
- Incorporated
- 1968-08-19
- Location
- Edinburgh
- Industry
- 43330 Floor and wall covering
Why it went into administration
- Funding withdrawn / unable to refinance
- Management failings / irregularities
- Parent or group failure
From the administrators' statement
The Company is part of a wider group of five companies which is engaged in the provision of a range of glazing and flooring services to the construction and transportation sectors, both in the UK and overseas.
Incorporated in 1968, the Company operated three divisions under the trading names of “Harndec Flooring Company”, “Reglit Glass Architecture” and more recently, “Lumaglass”. The Company operated from premises in Rutherglen, Glasgow, and employed 49 members of staff.
Following an assessment of the Company’s management accounts by the directors of the ultimate holding company, it was established that the Company’s asset values and profitability were not accurately recorded in the accounts, meaning the accounts were overstated. As a result, it was determined that the Company was insolvent and would be unable to continue as a going concern without some form of financial restructuring or additional funding.
Administrators' statement of proposals (2017-11-27) · Companies House register