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Administration · 11 July 2019

Aspin Group

Main contractor · Hemel Hempstead · East Anglia

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What happened

ASPIN GROUP LIMITED (company number 03923449), incorporated in 2000, entered administration on 11 July 2019. Its status at Companies House is now: dissolved.

Why it failed

Pricing and project management errors caused loss-making contracts, worsened by cost inflation, weak demand and Carillion bad debts; further funding could not be found and no buyer emerged.

  • Main reason: Losses on contracts
  • Cost inflation
  • Market downturn
  • Clients not paying or failing
  • Sale or investment failed

Our summary of the reasons given in the administrators' proposals. These record the administrators' and directors' account of what happened.

An administrator, a licensed insolvency practitioner, takes control of the company to try to rescue it, sell the business or get a better result for creditors than a liquidation.

Previously known as: ASPIN FOUNDATIONS LIMITED.

Timeline

The last accounts and payment report before the failure, then what happened, with the time between each.

  1. 31 January 2018

    Last accounts filed were made up to this date

    18 months later

  2. 11 July 2019

    Administration started

    2 years later

  3. 20 July 2021

    Administration ended

AccountsPayment reportInsolvency

Before it failed

Key figures

Turnover in its last accounts, year to Jan 2018
£39.8m
Accounts at Companies House
Staff, year to Jan 2018
218
Accounts at Companies House
Owed to unsecured creditors (estimated), as at 11 July 2019
£5.5m
of which trade creditors £1.7m. HMRC owed £100k. a further £15.9m owed to its lenders. Expected return to unsecured creditors: about 3p to 7p in the pound (prescribed part)
Administrators' proposals (includes £2.4m owed to group companies)

The last accounts filed were full accounts made up to 31 January 2018, 17 months before it went into administration.

The full filing history, including any late filings, charges and director changes, is on Companies House.

Lessons learned report

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