Tue, 11 Apr 2023 | ADMINISTRATION
Lane End Developments Construction Ltd, a developing contractor based in Warrington, has fallen into administration. The company had previously stated, over a month ago, that it intended to enter administration as a “protective measure”.
In February, construction director Mick Cunningham said the company would appoint administrators while performing due diligence on a restructuring of the business and commented that the company had new investors in the final stages of talks.
Cunningham added that a restructuring process would be finalised by early March, and added: “Upon conclusion, this investment will secure the future of our employees and sub-contractor partners and will allow Lane End to continue to grow and develop.”
The firm has now appointed Frank Ofonagoro and Jeremy Woodside of Quantuma Advisory as joint administrators. Ofonagoro and Woodside are seeking to assess the restructuring options available to the company.
A company update read: “The Joint Administrators are currently working alongside potential funders and senior management to assess the options available to them to restructure the Company and allow it to continue to operate.”
“We are very conscious that the wages and salaries due to be paid on 31 March 2023 remain unpaid. With it being so early in the process, we are unable to provide details of a timetable for events, however, we shall endeavour to provide updates in a timely manner, as and when appropriate.”
“As soon as we have more certainty on funding, we shall then be able to provide more certainty around dates.”
The company was a leading developing contractor for the North West construction and housing sectors, building more than 1,100 homes across the region, according to its website.
In its most recent accounts, for the year to May 31 2022, it reported turnover of £81 million, up from £78.2 million a year earlier. However, its operating profits fell from £411,0204 in 2021 to £255,298 in 2022. At the time, the company’s fixed assets were valued at just over £1 million and current assets at around £20.8 million, with net assets amounting to £1.3 million.
Download our free guide: How to find and buy distressed businesses and assets
View recent administrations.
Find businesses for sale here.
Long-established Essex industrial roofing and cladding providers, the business is located in a prominent trading position.
London-based construction business formed in 2005 with scope for further expansion is offered for sale on both leasehold and freehold basis.
Opportunity to acquire a 2013 established timber building specialist located in Manchester with a substantial clientele and a reliable supply chain.
21
|
Nov
|
Omega Plastics in management buy-out | MBO/MBI
Gateshead-based plastics group Omega Plastics Group has unde...
21
|
Nov
|
Antrim-based Texthelp buys EdTech peer Scholarcy | BUSINESS SALE
Texthelp Group, an Antrim-based Edtech has bought peer Schol...
21
|
Nov
|
Ecommerce group Velstar seals third 2024 acquisition | BUSINESS SALE
Liverpool-based ecommerce specialist, Velstar, has made its ...
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.