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Administration · 29 October 2019

Simons Group

Main contractor · Lincoln · East Midlands · Part of Simons

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What happened

SIMONS GROUP LIMITED (company number 02147887), incorporated in 1987, entered administration on 29 October 2019. Its status at Companies House is now: liquidation.

Why it failed

Holding company with a £10m legacy pension deficit funded by its construction subsidiary; group performance and cash declined and the pension restructuring offer was rejected.

  • Main reason: Cash flow

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: TRACKPEAK LIMITED.

Timeline

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

  1. 31 March 2018

    Last accounts filed were made up to this date

    19 months later

  2. 29 October 2019

    Administration started

    2 years later

  3. 24 January 2022

    Administration ended

  4. 24 January 2022

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

AccountsPayment reportInsolvency

Before it failed

Key figures

Turnover in its last accounts, year to Mar 2018
£104.5m
Accounts at Companies House
Profit before tax, year to Mar 2018
£704k
Accounts at Companies House
Staff, year to Mar 2018
182
Accounts at Companies House
Net assets, year to Mar 2018
£3.6m
Accounts at Companies House
Owed to unsecured creditors (estimated), as at 29 October 2019
£16.4m
of which trade creditors £124k. Expected return to unsecured creditors: expected, amount not yet known
Administrators' proposals

The last accounts filed were group accounts made up to 31 March 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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