On 5 October 2018, Lee Lockwood and Bob Maxwell of Begbies Traynor in Leeds were appointed as joint administrators of H. Waterhouse & Sons (Wakefield) Limited which has been trading for over 150 years.
Based in East Ardsley, near Wakefield, the company dates back to 1853 when the great grandfather of the current director established the business which provides building refurbishment and office interiors throughout West Yorkshire.
Unfortunately, due to the downturn in the construction and refurbishment sectors, the business hit trading difficulties in recent months, experiencing reduced opportunities and continually tightening margins. The company ceased trading on 3 October 2018 and all 21 staff were made redundant.
Joint administrator Lee Lockwood said: “The underlying cause of the company’s failure appears to be a slowdown in development and refurbishment activity in the face of economic uncertainty and, unfortunately, the business simply proved to be unviable. It is sad to see a business which has been operating for so long and has been run by the same family for four generations, ceasing to trade in this manner.
“Unfortunately, due to a lack of ongoing projects, there was no prospect of rescuing the business. We are in the process of disposing of the company’s assets and actively pursuing its debts in order to generate the best return for creditors.”
Lee is a director based in our Leeds office. He is a chartered accountant and Licensed Insolvency Practitioner with more than 10 years’ restructuring experience and had previously worked for Kroll before joining the firm in 2008.
The majority of Lee’s career has been spent working alongside the major clearing banks. He has a strong insolvency background but has always focused on corporate turnaround and recovery assignments.