Date Published: 26th April 2012
One of the South West’s longest-established family businesses, Newton Abbot-based Launahurst Ltd, has today been placed into Administration at the request of its Directors. Ian Walker and Chris Norman from the Exeter office of national corporate rescue and recovery specialists Begbies Traynor have been appointed joint Administrators.
Launahurst Ltd, which trades as Launa Windows, was founded 40 years ago by the previous Managing Director’s father, supplying replacement windows to the South West’s domestic market. Having operated profitably and successfully for nearly all of that time, reaching a turnover of £5 million last year, the company has fallen victim to the recession and the radical decrease in disposable incomes of its core customer base. This is in spite of measures taken by the Directors to reduce overheads in the face of mounting losses.
The company employs directly around 70 staff, of whom all but about 10 will be made redundant immediately. A number of sub-contractors will be retained in order to complete customers’ existing orders and installations.
Ian Walker commented today, “This is a very sad day indeed for a family company which has acted honourably throughout its long trading history, and which has earned a deservedly excellent reputation and significant goodwill. We will be working extremely hard to achieve a disposal of the business as a going concern, conscious of the effects the redundancies will have on a loyal workforce.” Managing Director of Launa Windows, Jonathan Hewitt, added, “Having experienced four previous recessions and endured numerous other boom then down-turn periods resiliently throughout the Company’s lifespan, it is with sincere regret that we have now unexpectedly tripped at this late stage.”
Ian joined Begbies in 2000 from Pannell Kerr Forster after practicing insolvency for the previous 20 years with Big Four firms. A member of R3 and a Fellow of the Institute of Chartered Accountants in England & Wales (from which he also takes his Insolvency Licence, he is currently a member of the ICAEW Investigation Committee. Over the years, Ian has dealt with all types of insolvency and at least three recessions. Currently, his practice based in Exeter and Plymouth covers the whole of Devon & Cornwall (including the Scilly Isles), together with as much of Somerset and Dorset as he can get away with! He deals with all types of personal and corporate insolvency and also concentrates on pre- and post-lending review work for all the major lending institutions.