{"id":15637,"date":"2023-04-20T09:53:59","date_gmt":"2023-04-20T16:53:59","guid":{"rendered":"https:\/\/essential.construction\/news\/precast-cladding-contractor-goes-into-administration\/"},"modified":"2023-04-20T09:53:59","modified_gmt":"2023-04-20T16:53:59","slug":"precast-cladding-contractor-goes-into-administration","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/precast-cladding-contractor-goes-into-administration\/","title":{"rendered":"Precast cladding contractor goes into administration"},"content":{"rendered":"

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Interpath Advisory were appointed joint administrators on Thursday and all 45 employees have been made redundant.<\/p>\n

The firm has been in business since 1997 and specialises in the design, manufacture and installation of architectural precast facades.<\/p>\n

Recent major projects for major contractors include the City of London Academy, the Jersey International Finance Centre and One Capital Square, Cardiff.<\/p>\n

Interpath said the firm had been hit by \u201cwider group cashflow pressures and cross guarantees\u201d which \u201cultimately resulted in additional liabilities arising and no access to ongoing funding.\u201d<\/p>\n

David Standish, managing director at Interpath Advisory and joint administrator, said \u201cIt is unfortunate that such a long-established precast cladding business is no longer able to continue to trade despite the efforts of the directors.<\/p>\n

\u201cThe joint administrators are committed to ensuring that the optimum outcome for creditors is achieved and supporting the employees at what is a difficult time for all concerned.\u201d<\/p>\n

Geoff Jacobs, managing director at Interpath Advisory and joint administrator, added: \u201cAlthough the business has ceased to trade, it has a well-established infrastructure, a strong customer base and there may be an opportunity for parties who can move quickly to acquire the business and assets.<\/p>\n

\u201cWe would recommend that any parties who have an interest in the business or its assets should contact the administrators in early course.\u201d<\/p>\n

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Data and credit checking specialist Red Flag Alert highlighted the firms\u2019 administration notice with its regular checks of high court construction insolvency applications.<\/p>\n

Subscribers to the Red Flag Alert service benefit from early warnings about the financial health of companies to help them avoid bad debts.<\/p>\n

The Enquirer<\/em> has linked-up with Red Flag Alert to offer readers a discount on its services and help you avoid worthless invoices from insolvent companies.<\/p>\n

For more information and to benefit from the Enquirer<\/em> discount click here<\/a>.<\/p>\n<\/div><\/div>\n