Creditors' voluntary liquidation · 26 June 2023

Mac-Exteriors

Main contractor · Solihull · West Midlands

What happened

MAC-EXTERIORS LIMITED (company number 10568895), incorporated in 2017, entered creditors' voluntary liquidation on 26 June 2023. Its status at Companies House is now: liquidation.

Why it failed

A large loss-making Liverpool contract, Covid-related material price inflation and a contracting market hit profits, and group company Mac-Interiors stopped funding it after its own failure.

Main reason: Losses on contracts
Cost inflation
Covid-19
Market downturn
Group company failed
Cash flow

Our summary of the reasons given in the liquidators' progress report. This records the liquidators' account of what happened.

The directors and shareholders decide to close an insolvent company. A liquidator sells its assets and shares the proceeds among creditors.

Timeline

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

30 June 2021
Last accounts filed were made up to this date
2 years later
26 June 2023
Creditors' voluntary liquidation started (shareholders resolved to wind up)
4 years later
2 December 2026
Due to be dissolved

AccountsPayment reportInsolvency

Before it failed

Key figures

Turnover in its last accounts, year to Jun 2021: £57.9m; Accounts at Companies House
Loss before tax, year to Jun 2021: £3.9m; Accounts at Companies House
Staff, year to Jun 2021: 54; Accounts at Companies House
Net liabilities, year to Jun 2021: £9.6m; Accounts at Companies House
Owed to suppliers and subcontractors (estimated), as at 22 June 2023: £1.2m; HMRC owed £354k. Expected return to unsecured creditors: none indicated; Statement of affairs (liquidation) (trade creditors)

The last accounts filed were full accounts made up to 30 June 2021, 24 months before it failed. Private companies have nine months after their year end to file, so a gap of more than 21 months usually means the next accounts were overdue, one of the warning signs worth checking for.

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

Lessons learned report

We're writing plain-English reports on major construction failures: who was involved, why it happened, the warning signs and how long they were visible, and what to look out for next time.

In the news

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