Incorporated in June 2000 the company is a main contractor and sub-contractor in the construction industry operating within both commercial and domestic new build and maintenance.
One of the directors contacted KSA after reading the website. KSA were appointed to assist the company on 14th August 2012. The directors had both experienced an insolvency situation with a previous company trading in the same sector.
Over ambitious forecasts in a CVA in 2003 led to the previous company having to go into liquidation. This was after just 10 months.
In the year to June 2012, the company turnover was c. £800k whilst it made a loss of c. £64k
The company was experiencing financial difficulty due to the following.
- Interrupted contracts,
- Bad debts,
- A highly competitive environment
- Payments withheld c.£77k gross – after a period of arbitration the directors decided, in light of a potentially costly legal battle, to accept a greatly reduced payment of £14k
Read the case study below on how we rescued the company.