T & N Joinery Limited (SC206846): administration
- Status
- Administration ended
- Administration began
- 2014-10-14
- Administrators
- Francis Graham Newton, James Bernard Stephen
- Administrators' firm
- BDO
- Formerly
- Pintaleon Limited
- Incorporated
- 2000-05-05
- Location
- Lerwick
- Industry
- 16230 Manufacture of other builders' carpentry and joinery
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated on 05 May 2000. The Company operated from its head office in Lerwick and also traded from leasehold premises in Aberdeen, although it exited from this unit prior to the Administration. The Company operates as a general joinery contractor and specialises in the manufacture and installation of timber doors and windows on the Island of Shetland. [n addition it also supplies and installs bespoke kitchens.
The Company had over the last 14 years grown from a small joinery contracting business to one of the island’s leading independent contractors, employing c.60 people. However Shetland has not remained immune to the recessionary issues effecting the maintand economy and consequently over the past 12 months the Company has been facing increased cash flow pressures as a consequence of increasing pressures on margins, delays to contracts, customers taking longer to pay and suppliers tightening payment terms.
Prior to the Administration the Director had been trying to source fresh investment, either by way of securing direct funding into the business or via a sale to a third party. However, the Company’s cash flow continued to deteriorate and the business could not raise sufficient funding in order to continue to trade the Company in its current form.
Administrators' statement of proposals (2014-12-15) · Companies House register