Wed, 28 Aug 2024 | ADMINISTRATION
A leading facades specialist based in Enfield is set to fall into administration after more than 140 years of operation. M Price Group Limited is a specialist in complex facade installations for commercial and high rise developments and largely focuses on projects based in London.
The contractor, which was founded in 1881, specialises in installing multi-material facade solutions, aluminium curtain walling and windows. It has worked on a number of high-profile projects, including Arsenal FC’s Emirates stadium, but has now filed a notice of intention to appoint administrators (NOI).
The company has been hit by a range of headwinds over recent years, with directors saying in its most recent financial reports that the uncertainty caused by Brexit had subsequently been exacerbated by the COVID-19 pandemic.
The business suffered from project delays, as well as the impact of an industry-wide drop in output. In July 2020, the company secured a £3.5 million loan under the government-backed Coronavirus Business Interruption Loan Scheme (CBILS), of which it had subsequently repaid £2 million by the time of its most recent accounts in 2021.
The company’s annual accounts have been overdue at Companies House since April 2023, with its most recent filing covering the year ending April 30 2021. In those accounts, the group reported turnover of £29.1 million, down from approximately £34.1 million a year earlier.
It also fell from a pre-tax profit of around £532,000 to a post-tax loss of approximately £1.2 million, with directors saying that mounting overhead costs had resulted in it reporting its first loss in 27 years.
At the time, the company stated that it was hoping that investment in new planning software, coupled with links with suppliers and sufficient reserves would help to ensure its survival.
In 2021, two group entities were created in a restructuring process. However, since then, both have collapsed, with M Price Limited falling into administration in September 2023 and M Price Contracting entering voluntary liquidation in April 2024.
In the company’s 2021 accounts, its fixed assets were valued at £1.1 million and current assets at around £19.5 million, while net assets amounted to £5.7 million.
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