Date Published: 28th November 2012
AP Thompson Sports Engineering Limited has closed its doors after a buyer could not be found for the Abingdon-based business.
Simon Haskew and Neil Vinnicombe, partners in the Bristol and Bath offices of corporate recovery specialists Begbies Traynor, were appointed as administrators earlier this year, and significant attempts were made to sell the business as a going concern. When these were unsuccessful, the business had to be closed.
The firm, which has been in operation since 1997, was one of UK’s leading designers and constructors of sports grounds, with particular expertise in synthetic surfaces – they had completed over 200 projects including synthetic, turfed or hard surfaces for a range of sports including football, rugby, hockey, athletics and tennis.
Mr Haskew said despite being a profitable business, three onerous projects in the later part of 2011 significantly impacted profitability and the company was unable to trade out of the situation.
Mr Haskew said: “With growing turnover and profit the business was performing well, but as we see so often in the construction sector, failure of other businesses and dependence on outside contractors inflicted heavy losses on the business, which they were unable to recover from.
“While some sectors of construction are faring better than others, it is generally a challenging market in which to operate. Despite establishing a strong niche, and having a growing business, AP Thompson lost control of some key contracts and the result for the business was eventual closure. Continued impetus into the construction sector form both local and national government is needed to avoid the failure of more businesses and further job losses."
Simon has over 25 years mid-market corporate restructuring and insolvency experience across a wide range of industry sectors, as well as broad experience in all aspects of personal insolvency. He joined Begbies Traynor as a partner in 1999 after a formative career with Ernst & Young in Bristol and London. He is a member of the R3 General Technical Committee and recently served as the Examiner of the “rescue” paper for the JIEB exam.