W A Hills Limited, the building and joinery business based in Essex, was placed into administration on 14 February 2011, following cash flow difficulties arising from contractual disputes, delays in receipt of debtor monies, and adverse trading conditions.
Jeremy French and Glyn Mummery, partners at FRP Advisory LLP, the national specialist restructuring, recovery and insolvency firm with offices in Hornchurch, Essex, were appointed Joint Administrators.
Glyn provided the following comment: "Unfortunately, it was not viable to trade on the business due to a lack of existing contracts and, more critically, an absence of sufficient funding compounded by existing debtors not settling outstanding and overdue accounts. Regrettably, we therefore had to close the business immediately and make 20 staff redundant.
"Our strategy now is to focus upon the best means for maximizing realisations of the Company’s assets."
About FRP Advisory
FRP Advisory LLP (frpadvisory.com) is focused on creating, preserving and recovering value for its clients.
The firm offers a comprehensive suite of services to the mid-market and financial community. These focus on enhancing the performance of businesses, as well as saving businesses in distress.
Services include: commercial & asset finance, corporate insolvency, restructuring, independent business reviews, interim management & placement services, personal insolvency & advisory, creditor services, insolvency investigation services and banking live-side support.
With 28 partners and 200 staff, FRP Advisory is one of the largest restructuring, recovery and insolvency firms in the UK, operating out of nine regions including: East Midlands, Eastern Region, Kent, London, North, South West, St Albans, Sussex and West Midlands.