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Administration · 15 July 2024

Paramount D&B

Main contractor · Cardiff · South Wales

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What happened

PARAMOUNT D&B LTD (company number 02369310), incorporated in 1989, entered administration on 15 July 2024. Its status at Companies House is now: administration.

Why it failed

New construction contracts, mainly Manchester and Birmingham, were under-priced and wrongly reported, causing heavy losses and cash flow problems from March 2024; no funding or buyer was found.

  • Main reason: Losses on contracts
  • Accounting irregularities
  • Cash flow
  • Funding withdrawn
  • 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: PARAMOUNT OFFICE INTERIORS LIMITED.

Timeline

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

  1. 30 June 2022

    Last accounts filed were made up to this date

    2 years later

  2. 15 July 2024

    Administration started

AccountsPayment reportInsolvency

Before it failed

Key figures

Turnover in its last accounts, year to Jun 2022
£29.5m
Accounts at Companies House
Profit before tax, year to Jun 2022
£1.1m
Accounts at Companies House
Staff, year to Jun 2022
57
Accounts at Companies House
Net assets, year to Jun 2022
£2.4m
Accounts at Companies House
Owed to unsecured creditors (estimated), as at 15 July 2024
£11.4m
of which trade creditors £10.4m. about 481 creditors. a further £2.5m owed to its lenders. Expected return to unsecured creditors: none expected
Administrators' proposals

The last accounts filed were full accounts made up to 30 June 2022, 25 months before it went into administration. 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

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In the news

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