100 jobs cut as contractor goes into administration
ADMINISTRATORS have been appointed to a Huddersfield plumbing business after it failed to reach an agreement with HMRC over historic taxes.
110 jobs have been lost at Aqua Interiors, with 17 employees kept on to help administrators at KPMG, according to Construction Enquirer.
The business, which was founded in 1975, installs kitchens, bathrooms and central heating systems.
Now, administrators are looking to sell off its assets, including £11m worth of contracts which have yet to be started and a fleet of commercial vehicles.
They said that the business had suffered cash flow difficulties as well as being unable to agree with HMRC a deal over historic tax arrears.
For the year to 31 March 2014, its most recent accounts, Aqua Interiors announced that cuts to local authority expenditure meant revenues dropped 2.3%.
At that point, the company said it would be selling non-core assets worth £1.8m to settle its debts, with any leftover to go towards paying its tax liabilities.
Although revenues dipped only slightly from £16.0m to £15.6m, the company made a loss of £798,505 for the year, from a pre-tax profit of £159,246 the year before.
