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Friday, 20 May 2011

C&G Concrete in administration

C&G Concrete, owners of three quarries and several plants in Humberside, Lincolnshire and Peterborough, has gone into administration.  The business employed 120 people and produced raw materials for the construction industry.  The administrators at PWC said it had faced "significant challenges" especially following the poor weather conditions last year.

It was placed into administration by its directors in response to an advertisement in the London Gazette publicising a petition for winding-up.  See the winding up petition notice here

I do hope that they tried to stop the petition or sought advice early.  Once the petition is advertised the company's bank accounts are usually frozen and the directors would have lost control.  The administrators would have had to seek a validation order to unfreeze the accounts so that it could continue to trade.  All this is very expensive.  Could the company have used a CVA to save the business?  Possibly, it all depends on the circumstances and the nature of the debts.

PWC have said that they have received lots of expressions of interest so are hoping to sell the business. So it must of been viable but burdened by some legacy debts.

Other divisions of the group including FH Gilman & Co are not subject to any administrators' appointment, said PwC.

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