Wed, 29 Jan 2014 | ADMINISTRATION
Cameron Black was placed into administration yesterday (28th January), with BDO hired as the administrator.
The London-based interior fit-out business shut its construction sites this month and has now been placed in the hands of joint administrators Matthew Tait and Martha Thompson, Construction News has revealed.
Subcontractors, who say the construction company owes them money, have brought in law firm Fenwick Elliott, which aims to get Begbies Traynor on board as a co-administrator to look after the creditors’ interests.
After the business has been sifted through the administration process, it will be liquidated with the intention of having Begbies Traynor on hand to manage the procedure and carry out investigations into the situation before Cameron Black entered administration.
The company recorded a loss of almost £1.6 million on sales of £28 million in its accounts for the year ending 30 September 2012.
The directors’ report, released in July 2013, said: “Cameron Black had a very hard year with the industry again showing no immediate sign of improvement.
“Margins have continued to be extremely tight in competitive tender situations and this has been reflected in the results.”
Construction News reported earlier this month that subcontractors working on a £2 million office fit-out for the Royal College of Ophthalmologists had been sent a message from Cameron Black project manager Kit Chung apologising for the problems on the job, and advising workers to look for work elsewhere.
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