Total debts of collapsed steel firm revealed
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Derby steelwork contractor Robinson Structures collapsed with total debts of £8.6m.
According to the directors’ statement of affairs, trade creditors have been left out of pocket by around £2.5m.
Among the preferred creditors, Barclays Bank was owed around £1.2m and HM Revenue and Customs about £1.8m in unpaid VAT and PAYE.
The company, which called in administrators earlier in November, failed after turnover fell by more than £14m over 18 months.
A pre-pack deal which saw a rival Derby steelwork contractor snap up the assets could help to raise the final distribution to creditors.
The deal, which saved 68 jobs, will see B&K Hybrid Solutions operate from Robinson Structures’ 10,000 sq ft former HQ on Eagle Park.
B&K Hybrid Solutions is part of construction giant Bowmer & Kirkland Group.
PKF Smith Cooper put together the pre-pack administration deal.
The administrator said the third-generation family-run company “had been through a challenging period”.
PKF said the company experienced loss-making periods in the months leading up to March 2019 and from the second quarter of 2020, exacerbated by the Covid-19 pandemic.
Accounts showed turnover fell from £27.8m in the 18 months to March 2019, to £13.5m in the year to March 2020.