Fri, 28 Feb 2020 | ADMINISTRATION
Manchester-based fit-out and refurbishment firm Styles & Wood has announced that it is looking to call in administrators.
The company was taken private by investment firm Central Square Holdings in December 2017, after floating on the Stock Exchange for just over 11 years, delisting in March 2018.
The takeover was for £50.4 million, and was funded by £50 million of new debt. Central Square Holdings has since rebranded as Extentia Group.
However, since the takeover, cashflow problems linked to several large developer-led projects became unsustainable for the business. Last year, chief executive Tony Lenehan and chief finance officer Phil Lanigan both left the company.
Extentia Group CEO Craig Eastwood said that the problems related to a complex project that had been won on low margins. He said: “The difficult but correct and responsible decision has been made to file an intention to appoint administrators”.
According to the company’s most recent accounts, for the 18 months to the end of June 2018, Styles & Wood saw a pre-tax loss of £5.5 million on revenue of £151.5 million. At the time of those accounts, the company employed 344 staff.
This represented a loss on the 12-month period to the end of December 2016, when it registered pre-tax profit of £3.7 million on revenue of £100.2 million.
This loss was partly ascribed to the company having higher overheads as it looked to support an enlarged group due to new Extentia acquisitions.
Craig Eastwood said: “Our focus now is to work with our stakeholders and advisers to explore options for the Styles & Wood businesses, making it a priority to protect the interests of our colleagues and those employed within connected Styles & Wood divisions.”
Eastwood added that Extentia’s furniture, fixture and equipment and professional services businesses would be unaffected.
An exciting opportunity to purchase a North East specialist contractor providing diamond drilling & sawing and fire protection services. The leading North East specialist drilling & sawing contractor, with an excellent reputation and an expert servic...
The business has been solving access problems for its industrial, commercial and domestic clients since 1977. The company hires and erects aluminium scaffold towers, bridging units, cantilever and facade scaffolding plus staircases. All scaffold towe...
Long-established Essex industrial roofing and cladding providers, the business is located in a prominent trading position.
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.