Date Published: 22nd December 2020
Health and housing property business, Ashley House plc, has been placed into administration following an unsuccessful Company Voluntary Arrangement (CVA).
Having been joint supervisors of the CVA, joint administrators Julian Pitts and Bob Maxwell of Begbies Traynor in Leeds, were appointed on 21 December 2020 over Ashley House plc and the connected non-trading companies Ashley House (Capital Projects) Limited and AH Scarborough Health Park Limited.
With its headquarters in High Wycombe, Ashley House was established 29 years ago and was a health and housing property partner, working with providers and commissioners in the public, private and community sectors.
In recent years, the company suffered as a result of proposed changes to housing benefits and, in 2020, NHS reforms disrupted the healthcare market, resulting in Ashley House becoming a general design and build contractor.
Having proved unable to raise the funds it needed, the company was introduced to a third party and subsequently agreed to combine the two companies following Ashley House entering into a CVA. The third party has now withdrawn from the arrangement meaning that Ashley House is no longer able to fulfil the terms of the CVA.
“Despite marketing the business and exploring funding options, unfortunately, it seems unlikely that Ashley House will have a future,” said joint administrator Julian Pitts.
Ashley House only has one employee as all staff were made redundant prior to the CVA.
Following graduation from the University of Hull, Julian qualified as a Chartered Accountant with Coopers & Lybrand in Leeds. After a short time with Baker Tilly, in 1989, together with David Wilson, he established Wilson Pitts, a specialist independent practice dealing with all aspects of insolvency and corporate recovery work. In 2006, the Wilson Pitts practice was acquired by Begbies Traynor where Julian is now the Joint Regional Managing Partner for the North-East region.