Date Published: 9th March 2016
A leading manufacturer and supplier of fibreglass products based in Salisbury has been forced to close.
Country Leisure Fibreglass Ltd, based in Cholderton, appointed Julie Palmer and Gavin Savage, of business rescue and recovery specialists Begbies Traynor, as joint administrators on February 26.
The company, which was incorporated in 2013, traded as a manufacturer of glass reinforced products in niche markets, including waterslides, the leisure market and building products.
As a result of the business closure a total of 24 employees have been made redundant.
Julie Palmer said: "The company began to experience financial difficulties as a consequence of a slowdown in new orders over the autumn and winter periods. As a result, the company entered into a time to pay arrangement with HMRC early in 2016. That arrangement was later amended, and following that amendment the company failed to pay the current VAT debt resulting in a breach of the arrangement. The company became insolvent as it was unable to pay its debts."
Assets of the company were sold to Roy Geddes Building Products Ltd on March 1, 2016.
Julie is a law graduate who qualified with Price Waterhouse in 1994. Julie joined Smith & Williamson in 1997 and became a partner in 2001. With Mike Stevenson, Julie set up Middleton Partners offices in Salisbury and Southampton, both of which are now part of Begbies Traynor.
Julie is a member of the Insolvency Practitioners Association and is a Fellow of The Association of Business Recovery Professionals. Julie deals with all aspects of Corporate Recovery and turnaround work and takes all form of personal insolvency appointments.