Updated: 12th April 2012
Begbies Traynor can confirm that a pre-packed sale of the business and the Work in Progress has been completed as a going concern to the Parent Company Barcon Systems Limited.
Joint administrator Jason Greenhalgh, partner at Begbies Traynor in Manchester said:
“As a result of this sale the 24 jobs at the site have been saved. It has also resulted in many of the customers orders remaining on track with the purchaser now working hard to meet the deadlines.”
“The Company began to experience financial difficulties as a consequence of a large debtor write off in 2011 which resulted in cash flow problems. Prior to this the Company had experienced a downturn in the orders as a result of the recession, but were managing to keep the business trading with time to pay arrangements with HMRC.
“In 2011 further VAT liabilities and surcharges were incurred which were in excess of £100,000 and a further time to pay arrangement was agreed. With the final payment becoming due under the agreement, the bad debt was incurred which prevented payment being made. Despite the directors efforts to keep the Company trading it became difficult to fund the trading and make the payment due to HMRC under the time to pay agreement. Despite attempts to reach a further agreement with HMRC, a winding up petition was presented by HMRC in Dec 2012.”
Barcon Precast Limited had a turnover of £1,517,739 in the year ended 30.09.2011. The current director, Peter Messenger has been a sole director since 2005.
The Companies trading address is Unit 12A, Horwich Loco Industrial Estate, Horwich, Bolton, BL6 5UE and had orders around the UK.
Jason first started at Begbies Traynor in July 1989 as a junior and progressed though to Senior Administrator over a period of time to 1997.
After a short time away, he rejoined Begbies Traynor and sat the JIEB Exam in December 2002 and obtained a non-appointment license the following year.
In May 2008 Jason was promoted to Insolvency Director, upgraded his insolvency license with the IPA and has taken appointments since May 2008. Jason has gained valuable experience at every level and has dealt with a wide range of different insolvency assignments. For the past 10 years he has concentrated on the mid range insolvency market.