Fri, 08 Sep 2023 | ADMINISTRATION
Bradford-based mechanical and electrical (M&E) group H. Mitton Limited - trading as the Mitton Group - has fallen into administration. The Leeds office of insolvency practitioner Begbies Traynor has been appointed as administrator to H. Mitton Limited, Mitton Mechanical Services, Mitton Electrical Services, and Mitton Aftercare.
The group is based at Mackenzie House on Clackheaton Road and employed more than 300 staff at the time of its most recent accounts. According to a report in local news outlet the Telegraph & Argus, the firm’s bosses had sent a letter to employees apologising for not paying them on time and saying that the company had encountered “financial challenges” as a result of discussions "exploring the potential sale of the business".
The group’s companies filed a notice of intention to appoint administrators on August 24. Begbies Traynor was subsequently appointed as administrator on September 4.
A report in trade publication Construction News revealed that, on August 22, two days before the group filed notice of intention to appoint administrators, a new firm based in Halifax, Mitton Group, filed incorporation documents at Companies House. Directors of the new firm are listed as directors of H. Mitton Limited, as well as other companies in the group.
In H. Mitton Limited’s most recent accounts at Companies House, covering the year to January 27 2022, the firm reported turnover of £33.7 million, down 9 per cent from £36.9 million a year earlier, but saw gross profit increase from £6.1 million to £6.8 million, while pre-tax profits more than doubled from £232,889 to £583,546.
At the time, the company had net liabilities of £4.5 million, with fixed assets valued at £1.1 million and current assets at £13 million. Despite the liabilities, the firm’s auditors, Brown Butler, said that it had “adequate resources to continue in operational existence for the foreseeable future".
Read more about the struggles facing UK construction firms:
Construction worst affected by wave of insolvencies
Construction sector could see “over 6,000” insolvencies in 2023
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