Thu, 07 Jul 2011 | ADMINISTRATION
Three months after being restructured, Manchester-based Stephenson Bell Architects has entered administration. MCR has been appointed to manage the administration process for the firm.
In March 2011, the firm’s founders, Roger Stephenson and Jeff Bell, said that they would part ways, with Mr Stephenson going on to relaunch the business as Roger Stephenson Architects. Mr Bell said that he has his own practice to focus on.
At the time of the restructuring, which involved a CVA to repay some of its debts, Mr Stephenson said, “The practice is in a very healthy position as far as current workload and expenditure is concerned, but we have been forced to reschedule our tax debt in order to keep our highly skilled and loyal staff as well as service the needs of our clients.”
The firm had recently taken on several new projects including a new school building, and numerous hotel commissions in the North West.
The original business had £500,000 of bad debts due to some of its larger clients, including property firm Modus, entering administration or liquidation in the economic downturn themselves.
Since entering administration, several of the 28 staff at Stephenson Bell have lost their jobs. It is expected that Roger Stephenson Architects will buy Stephenson Bell Architects in a pre-pack deal.
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