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Administration · 28 January 2020

Procare Group

Main contractor · Watford · East Anglia

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What happened

PROCARE GROUP LIMITED (company number 03007751), incorporated in 1995, entered administration on 28 January 2020. Its status at Companies House is now: liquidation.

Why it failed

Construction slowdowns and disputes from 2018, slower site productivity, fewer maintenance calls and scarce new work eroded cash flow; further project disputes in January 2020 made trading untenable.

  • Main reason: Cash flow
  • Delays
  • Market downturn

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: PROCARE BUILDING SERVICES LIMITED, PROCARE GROUP LIMITED, PROCARE BUILDING SERVICES LIMITED.

Timeline

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

  1. 30 June 2018

    Last accounts filed were made up to this date

    19 months later

  2. 28 January 2020

    Administration started

    4 months later

  3. 13 May 2020

    Administration ended

  4. 13 May 2020

    Creditors' voluntary liquidation started (shareholders resolved to wind up)

AccountsPayment reportInsolvency

Before it failed

Key figures

Turnover in its last accounts, year to Jun 2018
£14.3m
Accounts at Companies House
Loss before tax, year to Jun 2018
£415k
Accounts at Companies House
Staff, year to Jun 2018
75
Accounts at Companies House
Net assets, year to Jun 2018
£917k
Accounts at Companies House
Owed to unsecured creditors (estimated), as at 28 January 2020
£2.2m
of which trade creditors £1.5m. a further £143k owed to its lenders. Expected return to unsecured creditors: about 5p in the pound
Administrators' proposals

The last accounts filed were group accounts made up to 30 June 2018, 19 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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In the news

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