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|CBW appointed Joint Administrators to Elliott Thomas Group Ltd|
|Thursday, 03 November 2016|
James Snowdon and John Dickinson of CBW, London accountants, Tax and Business Advisers, were appointed Joint Administrators to Elliott Thomas Group (ETG) Ltd, a specialist construction and skills provider, on 27 October. The trading companies Prime Property & Construction Ltd and Elliott Thomas Ltd entered administration on 27 October, whilst a deal was signed to save the carpentry business Rainsford Contracts and construction hoist specialists Taylor’s Hoists, securing 47 jobs.
The Group, with offices in Oxted, Surrey and Cambridgeshire plus a storage depot in Duxford, was a well-established construction services provider, which was founded in 2002 with a focus on logistics. It evolved to offer the full gamut of construction services, including logistics, hoists, carpentry, joinery, brick and blockwork. These services were provided through a group of companies, trading under different brand names, including Prime Construction, which jointly accrued more than £60.7m in revenues to the year ended March 2016.
The Group’s client base was made up of blue chip corporate and private clients, including FTSE 100 companies. The business was a preferred contractor for many of its customers.
Following prolonged cash-flow difficulties on one of the Group’s larger construction projects, where a settlement offer of sums due to the company was withdrawn after six months of negotiations and enforcement action, ETG was forced to call in the administrators. James Snowdon and John Dickinson quickly assessed the situation to maximise value for creditors and save jobs. The Group had around 121 staff on its books.
James Snowdon at CBW, said: “It’s unfortunate that a settlement couldn’t be reached on one of the Group’s major contracts, which contributed significantly to the administration of certain ETG companies. It hasn’t been possible to secure a sale of the business of these entities, which provided construction and logistics services, and accordingly 74 redundancies were made shortly following our appointment.”
John Dickinson, at CBW, added: “We are, however; pleased to confirm that it has been possible to secure a sale of the hoists division of Elliott Thomas Ltd to a new company set up by one of the former directors and a co-investor, Lyndon Scaffolding Plc. This should preserve around 25 jobs and enable a return to be made to creditors. In addition, Rainsford Contracts Ltd (RCL) has been sold on a solvent basis as a share sale by ETG in administration, which should secure a further 22 jobs and keep its creditor base intact.”
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