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Administration · 13 February 2023

Tolent Solutions

Housebuilder · Gateshead · North East England · Part of Tolent

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What happened

TOLENT SOLUTIONS LIMITED (company number 06163808), incorporated in 2007, entered administration on 13 February 2023. Its status at Companies House is now: administration.

Why it failed

Group-wide losses on the Milburngate contract and cash pressure, with planned sales falling short and shareholder funding unavailable, led directors to put all the Tolent companies into administration.

  • Main reason: Losses on contracts
  • Delays
  • Cash flow
  • Sale or investment failed
  • HMRC debts
  • Group company 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: GENTOO CONSTRUCTION LIMITED.

Timeline

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

  1. 31 December 2021

    Last accounts filed were made up to this date

    14 months later

  2. 13 February 2023

    Administration started

AccountsPayment reportInsolvency

Before it failed

Key figures

Turnover in its last accounts, year to Dec 2021
£21.6m
Accounts at Companies House
Profit before tax, year to Dec 2021
£696k
Accounts at Companies House
Staff, year to Dec 2021
68
Accounts at Companies House
Net assets, year to Dec 2021
£5.9m
Accounts at Companies House
Owed to suppliers and subcontractors (estimated), as at 13 February 2023
£2.6m
HMRC owed £37k. Expected return to unsecured creditors: prescribed part only
Administrators' proposals (trade creditors)

The last accounts filed were full accounts made up to 31 December 2021, 13 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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