Administrators for Fairhurst Ward Abbotts say they are in early negotiations with interested buyers
Begbies Traynor, administrators for Fairhurst Ward Abbotts (FWA), have said they are in early negotiations with a number of parties interested in acquiring parts of the Queen’s former builder and decorator.
FWA entered administration on 1 July appointing Jamie Taylor and Kirstie Provan of Begbies Traynor joint administrators.
The administrators have issued an update saying they “are receiving a number of enquiries from parties interested in acquiring parts of the business; some of which are in the early stage due diligence processes.
Begbies Traynor added: “No further information can be provided due to the confidentiality of the negotiations taking place at this time, but to date, no formal agreement has been completed”.
The specialist conservation and restoration contractor ceased trading on 30 June due to “severe cash flow difficulties” which arose from trading losses and all but a handful of the firm’s 253 staff members have been made redundant.
The firm had seen substantial growth in the years since former surveyor Kevin Bush acquired a majority stake in the firm in 2006, growing its turnover from £10.9m for the year ended 28 February 2006 to £70.5m for an 18 month period ending 31 August 2014.
However, the firm also reported a £1.6m pre-tax loss for the period ending 31 August 2014, which was attributed to “a number of loss making contracts” and investment in the company’s infrastructure.