William Anelay, one of the UK’s oldest building companies, fell into administration owing more than £12m to unsecured creditors.
The York-based conservation specialist had been a family business and had been trading since 1747, but was forced to call it a day and bring in administrators in September following issues with projects, cashflow difficulties and the inability to broker a rescue deal. A total of 126 staff were made redundant.
An initial report filed by administrator Begbies Traynor said unsecured creditor claims totalled about £12.6m at the time of administration. The figure is an estimated statement of financial affairs. Of the £12.6m, £11.8m was owed to trade creditors and almost £300,000 to HM Revenue & Customs in respect of PAYE and National Insurance contributions.
Employee entitlements relating to the staff who lost their jobs amounts to £548,090. More claims are expected to emerge as the administration progresses.
Restoration specialist, the Szerelmey Group had considered saving the £38m turnover business but stepped back from a deal. It did, however, buy the assets and work in progress of four associated companies from administrator Begbies Traynor for a minimum of £400,000.
The final payment will depend on collecting work in progress and retentions and determine any distribution to creditors.
The assets now form part of newly-named business Heritage Building & Conservation controlled by Szerelmey.
