Stephenson Bell seeks CVA to rescehdule tax debt
ONE of Manchester’s best-known architectural firms, Stephenson Bell, is to enter into a company voluntary arrangement to reschedule around £500,000 worth of debts.
Founder Roger Stephenson said that the process was being undertaken to reschedule debt payments to creditors – the largest of whom is Her Majesty’s Revenue & Customs – rather than walk away from them.
He said that many of the debts had been built up as tax payments were delayed to help with cashflow when several former developer clients – including Manchester-based Modus – were placed into administration.
The company is not entering into formal insolvency proceedings and is looking to pay debts in full, but over a longer period. It is not making any of its 28 current staff members redundant.
It is, however, embarking on a name change to Roger Stephenson Architects as former director Jeffrey Bell has now left the business.
“It’s the same legal entity, the same staff and the same clients. The only reason we’re changing the name is because Jeff’s leaving the business, and we felt it was best to do everything at the same time. It’s very much business as usual,” he said.
Besides the tax debt, Stephenson said that the practice “is a good business which continues to make a profit.
“We are going through a very exciting time with our work which includes the new school building for Chethams, several hotel projects in Manchester, continuing work at Trafford College as well as a number of significant office projects in central Manchester.”
