Latest results for the London based M&E specialist show it had a turnover of £66.2m for the year to December 31 2021 generating a pre-tax loss of £6.2m.
Haydon entered a Corporate Voluntary Arrangement with its creditors in August 2022 following cash flow pressures.
The CVA deal was designed to distribute at least £7.2m to creditors at the rate of £200,000 a month starting in November 2022 with suppliers getting at least 80p in the £1 back for their debts.
At the time of the CVA Haydon had a loan agreement in place with its former parent company Mears who sold the firm to its management for £1 in 2013. Mears agreed to postpone all loan repayments for at least 18 months while Haydon worked through the CVA.
One subcontractor said: “The supply chain have stood by Haydon when they needed them and now it looks like they will get the short straw again.”
Data and credit checking specialist Red Flag Alert highlighted the firms’ administration notice with its regular checks of high court construction insolvency applications.
Subscribers to the Red Flag Alert service benefit from early warnings about the financial health of companies to help them avoid bad debts.
The Enquirer has linked-up with Red Flag Alert to offer readers a discount on its services and help you avoid worthless invoices from insolvent companies.
For more information and to benefit from the Enquirer discount click here.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : ConstructionEnquirer – https://www.constructionenquirer.com/2023/07/26/haydon-mechanical-electrical-files-administration-notice/