Mon, 06 Nov 2023 | ADMINISTRATION
HB Projects, a West Yorkshire-based construction contractor, has ceased trading and is set to appoint administrators. The company’s collapse was attributed to the delay or cancellation of several projects, which significantly impacted the firm’s cashflow.
HB Projects, which is headquartered in Bradford, specialised in work for the retail, industrial and commercial sectors. The company was founded in 1998 and also had a significant presence in Scotland, with offices in Glasgow and Livingston, West Lothian.
It was principally involved in refurb and fit-out projects, which accounted for approximately 80 per cent of its most recent turnover, along with some smaller new build jobs. The company worked with several major companies, including IKEA, Asda, Morrisons and B&Q.
In the year to February 28 2022, the firm reported turnover of £56.6 million, up from £46 million in 2021. However, the company’s pre-tax profits fell slightly from £1.3 million to £1.1 million, with directors saying that inflation and material and labour shortages had put pressure on its margins.
At the time, the company’s fixed assets were valued at £657,623 and current assets at close to £18.7 million, with total equity amounting to £2.14 million.
In a statement, the company’s directors said: “This has been a difficult but necessary step due to a number of cancelled and/or deferred projects, which has meant that we are unable to maintain a positive cashflow throughout the forthcoming months.”
“We appreciate this action affects a large number of people, including our supply chain. We would also wish to thank each team member of HB Projects for all your hard work over the years. We are truly sorry to all.”
HB Projects’ collapse does not affect its consultancy subsidiary Onyx Project Services, which continues to trade as usual.
Read more about how the construction sector is being hit by rising insolvency rates
Established respected business, holding valuable private and public sector client base, there being a number of key clients, some paying a retainer and from which regular repeat business is received ensuring a substantial pipeline figure.
A specialist manufacturing business of quartz and granite kitchen and bathroom worktops. It has been established in conjunction with retail premises (retail premises are also available if required). It offers a supply and fit service and is located i...
Niche window& door installer, based Devon, operating throughout the South West and further afield, includes affluent South Coast, desirable towns and villages. Operating in the quality timber sector which accounts for the majority of trade, different...
26
|
Apr
|
Major double glazing firm Everest enters administration | ADMINISTRATION
Everest, one of the largest providers of double-glazing in t...
26
|
Apr
|
Kent-based scientific consultancy sold to US firm | BUSINESS SALE
A4P Consulting Limited, a scientific consultancy company hea...
25
|
Apr
|
Ambulance services provider acquired in pre-pack deal | BUSINESS SALE
Elite Emergency Medical Services Ltd (Elite EMS), an ambulan...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.