Tue, 16 Jul 2024 | ADMINISTRATION
A Cardiff-headquartered office fit-out and interiors specialist has fallen into administration and ceased trading. Paramount D&B was established more than 30 years ago and, in addition to its core services, provided construction services for new building developments as well as the supply of office furniture.
Paramount D&B had an office in Bristol in addition to its Cardiff base and employed 57 staff as of 2022. It operated primarily across Wales and the South West, but regularly undertook projects across the UK and sometimes internationally.
The company, which was called Paramount Office Interiors prior to 2023, was acquired by CEO Richard Jones in a management buyout (MBO) in 2018. In 2021, Jones introduced an Employee Ownership Trust (EOT), which enabled the company’s employees to become majority shareholders, collectively owning 51 per cent of the company for £2 million.
In its most recent accounts at Companies House, for the year ending June 30 2022, the company reported turnover of just under £29.5 million, up from £21.4 million a year earlier, while nearly doubling its post-tax profits from £549,408 to £1.07 million.
The firm launched its Bristol office in 2022, saying at the time that it was aiming to grow revenues to £50 million by 2025. However, it had reportedly encountered cashflow difficulties in the wake of expanding outside of its core market to take on contracting work for developers engaged in repurposing old office buildings for social housing.
As a result, directors undertook efforts to sell the business as a going concern and explored the possibility of a pre-pack sale. However, these efforts ultimately failed, leading to the voluntary appointment of Susan Clay and Huw Powell of Begbies Traynor as joint administrators.
Upon the appointment of the joint administrators, the company confirmed in a notice on its website that it had ceased trading. A handful of staff have reportedly been retained for a short period to assist in the administration process.
In the firm’s most recent accounts, its fixed assets were valued at just short of £758,000 and current assets at £8.2 million, with total equity amounting to £2.3 million.
Click here to download our free guide on finding and buying distressed businesses and assets
The company provides internal fit-out services, including suspended ceilings, partitions, and raised-access floors, serving a wide range of clients with a strong recurring core client base, with a focus on careful risk assessment.
The company provides comprehensive construction services and bespoke joinery work to prestige domestic clients and the commercial sector. Specialist service areas include renovation and extension work from concept to completion, creative space-saving...
This investment opportunity involves two businesses operating under one group: one specialising in construction and the other in recruitment services tailored for the construction sector.
06
|
Sep
|
Surrey Victorian country manor hotel on the market for £8m | COMMERCIAL PROPERTY
Stanhill Court Hotel, a Victorian Country Manor House hotel ...
06
|
Sep
|
Livingstone-based civil engineering firm falls into administration | ADMINISTRATION
Glenevin Limited, a Livingstone-based civil engineering firm...
06
|
Sep
|
Worcestershire accountancy acquires Cannock-based counterpart | BUSINESS SALE
A full-service accountancy and advisory firm based in Worces...
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.