Tue, 07 Feb 2012 | ADMINISTRATION
Stoke-on-Trent-based holding company, the Environ Group, has filed a court notice of intention to appoint an administrator, casting a shadow over the future of its subsidiary companies in the domestic heating and property maintenance industries.
In a statement to the Alternative Investment Market (AIM), the company said that the decision had come following an extensive review of its options by the board, aimed at minimising financial uncertainty.
“The board has filed a notice of intention to appoint administrators of the company to assist the directors in this regard and to protect the interests of creditors,” the statement said. “Further announcements will be made in due course.”
The company operates through three subsidiaries: Stoke-on-Trent’s “fully integrated property maintenance business”, BGC Ltd; the domestic heating engineering and installation business, Fenhams Ltd, which is based in Newcastle-upon-Tyne; and Tyneside’s IPCL Ltd, which specialises in fire and corrosion-proof coatings and materials.
Environ’s Chairman Nigel Wray said in the company’s half-year results statement, published in December, that they had initially seen a relatively positive 2011, but that issues beyond their control had put the company in a difficult situation.
“The trading difficulties of a large customer, a dramatic change in Government legislation and continual pressure on margins have pushed the group back into losses,” he explained. “As a result, the group will need to considerably revise strategy and plans.”
He was optimistic for the future of all three of the subsidiaries, stating that they are “involved in areas of the economy where there is a considerable long-term future.”
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