A newly filed report has shed light on the administration and subsequent rescue of a £20m-turnover Norfolk company which provides heating, ventilation and air conditioning services.
Andrew McTear and Chris Williams of Norwich-based business rescue and insolvency firm McTear Williams & Wood were appointed joint administrators of Anglia Installations Ltd on 12 June 2017.
The company, which was incorporated in 2008, grew significantly to generate turnover of about £20m in 2016. But at the time of the appointment, administrators said it had suffered two large bad debts and incurred significant losses, resulting in unsustainable pressure on its cash flow.
Anglia Installations' business and assets were sold on 12 June to AIM Construction & Development Ltd, enabling the ongoing contracts to be completed and safeguarding jobs.
A new report to creditors filed by the administrators has now revealed that the company was purchased for £295,000, with £100,000 paid on completion of the deal and the balance to be paid in ten equal monthly installments commencing on 9 August.
It has also been revealed that unsecured creditors of the business were owed more than £5m at the time of the administration, and are likely to suffer a shortfall of almost £5m.
19 July 2017