Tue, 23 May 2023 | ADMINISTRATION
Administrators are seeking a buyer for a Northamptonshire-based stone supplier following the company’s collapse. Stone Plus UK, which is headquartered in Mawsley, Kettering, fell into administration on May 9 2023.
The company supplied both builders’ merchants and landscape centres with landscaping products ranging from natural stone and concrete to porcelain. In the South of England, the company also held the distribution rights for Oakdale Greenscaping.
Jo Hammond and Gareth Rusling of Begbies Traynor have been appointed as the company’s joint administrators. The administrators commented that the firm had "experienced financial difficulties due to shipping problems and cashflow pressure, which led to significant debts accruing and made the business unviable".
Upon the appointment of the joint administrators, the company’s three full-time employees were made redundant. Eddisons has been appointed by the administrators to run a marketing campaign for Stone Plus UK’s business and assets, with offers currently being evaluated ahead of a sale being concluded.
In Stone Plus UK’s most recent accounts at Companies House, for the year ending June 30 2022, its fixed assets were valued at £29,400, while current assets stood at slightly over £3.55 million. At the time, the company owed a similar amount (around £3.58 million) to creditors falling within one year.
The company’s administration comes at a period of mounting pressure in the UK construction industry, as firms face a raft of headwinds including supply chain disruption, COVID-19-related debts, staff shortages, rising costs, inflation and unpaid bills resulting from a growing number of companies falling into financial distress or insolvency.
In January, Red Flag Alert warned that the sector could see more than 6,000 company insolvencies during 2023, while recent Insolvency Service figures show that construction has been the industry worst affected by rising insolvencies across the UK.
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