Thu, 05 Jul 2012 | ADMINISTRATION
Building firm Rapide Dry Lining Limited has been placed into administration and ceased to trade.
The Hull-based firm could not overcome its financial burdens and is now in the hands of FRP Advisory. Many of its creditors had taken recovery action, leading to a winding-up petition being filed against Rapide Dry Lining, and then ultimately administration.
The administrators are now seeking to give ongoing contracts to other sub-contractors to assist in recovering money for the creditors.
It operated from several sites in locations across the UK, and offered building conversions, house building and plastering and screeding to its customers. It employed a total of five staff and about 50 sub-contractors. It had contracts to supply the installation of floorings, internal walls and ceilings in commercial buildings.
"Historically unprofitable contracts and delays in payments from current contractors, had severely affected Rapide Dry Lining Limited’s cashflow," Steven Stokes, director at FRP, commented.
"Management had begun attempts to downsize and restructure the business, however, due to a lack of cash and increased creditor pressure, the firm was unable to continue trading. Sadly, all of Rapide Dry Lining Limited’s employees will be made redundant."
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