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Administration · 28 February 2020

Styles & Wood

Developer · Sale · North West England

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What happened

STYLES & WOOD LIMITED (company number 01568060), incorporated in 1981, entered administration on 28 February 2020. Its status at Companies House is now: dissolved.

Why it failed

Large losses on a few refurbishment contracts, mainly India Buildings, caused severe cash pressure and the loss of its largest framework; financial stakeholders declined to back a turnaround plan.

  • Main reason: Losses on contracts
  • Cash flow
  • Funding withdrawn
  • Delays

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: STYLES & WOOD (CONTRACTING) LIMITED, STYLES & WOOD (STORE FITTING) 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

    20 months later

  2. 28 February 2020

    Administration started

    4 years later

  3. 22 December 2023

    Administration ended

AccountsPayment reportInsolvency

Before it failed

Key figures

Turnover in its last accounts, year to Jun 2018
£151.5m
Accounts at Companies House
Loss before tax, year to Jun 2018
£5.5m
Accounts at Companies House
Staff, year to Jun 2018
344
Accounts at Companies House
Net assets, year to Jun 2018
£9.5m
Accounts at Companies House
Owed to unsecured creditors (estimated), as at 28 February 2020
£53.7m
of which trade creditors £20.9m. HMRC owed £487k. staff owed £395k. Expected return to unsecured creditors: about 1p in the pound (prescribed part)
Administrators' proposals

The last accounts filed were full accounts made up to 30 June 2018, 20 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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