TV builder William Anelay appeals to creditors after cash crisis

Grant Prior 9 years ago
Share

A historic building firm featured in a recent BBC series has run into financial trouble.

Hairy Builders was presented by Hairy Biker Dave Myers
Hairy Builders was presented by Hairy Biker Dave Myers

The work of William Anelay Limited featured in the BBC2 series Hairy Builders presented by Hairy Biker’s Dave Myers.

Myers followed the York-based conservation specialist around the country during the 15-part series which finished its run last month.

The firm has now confirmed it has run into a cash flow crisis and is looking for help from creditors to continue trading.

William Anelay Limited was founded in 1747 and is one of the UK’s longest established construction companies.

It said the recent problems “arose after a period of expansion with projects outside its usual sphere which proved financially and operationally difficult.”

Now the £38m turnover company is proposing a company voluntary arrangement (CVA) with creditors to allow it to keep trading.

The company currently has 190 staff, including in associated businesses Lowery Roofing, Hare and Ransome Joinery, Anelay Traditional Masonry and Anelay Building and Conservation, which are unaffected and will continue to trade as normal.

Under a CVA, businesses pay creditors a certain agreed percentage in the pound to stay in business, avoid administration and, in William Anelay’s case, the potential loss of traditional craft skills.

William Anelay Ltd is being advised by Newtons Solicitors, Knaresborough, and accountants and insolvency specialists, RMT, Newcastle, which has written to creditors proposing the CVA as a way forward.

Bankers to the company, which currently has 17 schemes on site, including at York Mansion House, Bradford City Hall and Lancaster Castle, support the CVA proposition and it will become binding on all those involved if creditors representing more than 75 per cent of the outstanding debt vote to agree the proposal.

Chairman Charles Anelay said: “While only a few projects outside our usual sphere have been involved, the values were significant and this has harmed our business performance and cash flow.

“They are now finished, save one, where completion is imminent and another, which has been brought under control, but unfortunately we are now unable to pay suppliers.

“We have a fresh approach, have returned to our core operations and have a strong order book for the next 12 months and beyond.

“We appreciate that the need for a CVA will be a great disappointment to subcontractors and suppliers who have supported us for many years but this is the best way to make a maximum and prompt return to creditors and we are totally committed to making it a success.

“Of course, it can work only if our customers are prepared to support the proposal as well.

“With our bank’s support and a successful completion of the proposed debt restructuring, we aim to continue in our current form and are committed to completing schemes under contract.”

Latest accounts filed at Companies House for the year to June 2015 show the company had a turnover of £33.4m and made a pre-tax profit of £493,000 employing 145 staff.

The most recent filing shows that commercial director Alan Bowers left as a director last month.

The company has a secured workload of £33m and £9m worth of projects under consideration in the current financial year and an additional £12m of work already secured for 2017-18.

 

 

Latest news

80 energy projects unlocked as Ofgem backs grid expansion

£24bn energy networks deal gets green light from regulator
20 hours ago

New boss at Eric Wright Civil Engineering

Gavin Hulme takes top job as Diane Bourne moves to group role
5 hours ago

Pinewood submits £1bn data centre plan

Studio giant adds green and learning spaces to tech hub blueprint
21 hours ago

Record results after TClarke goes private

Britain's biggest M&E contractor flourishes after de-listing
21 hours ago

Dalkia lands £200m nuclear maintenance deal

1,000 nuclear FM staff to join M&E contractor
21 hours ago

Construction comeback to outpace wider economy

Arcadis forecast fueled by spending review optimism
2 days ago

First steel goes up on giant car battery site

Severfield gets to work on McAlpine Somerset site
2 days ago

Permasteelisa wins cladding deal on Bovis city tower

Facade specialist lands package at 60 Gracechurch Street
21 hours ago

Fox buys recycled asphalt specialist Fisher

Acquisition adds major recycled asphalt capacity in north west
2 days ago

Major Building Safety Regulator shake-up to end tower delays

HSE stripped of control and top fire chiefs brought in to fast-track stalled schemes
2 days ago

Hinkley trio sign Sizewell civils deal

Balfour,Bouygues and Laing O'Rourke form Civil Works Alliance for new power station
2 days ago

£3.9bn data centre plan for Ravenscraig steelworks

Green energy to power massive new steel to silicon AI campus
2 days ago

Breakthrough on HS2’s second longest tunnel

8.4 mile Northolt to Old Oak Common drive completes
2 days ago

Neilcott on fast-track to debt-free employee ownership

£22.5m loan nearly paid down after big profit year
2 days ago

TfL kicks off race for £700m Tube station upgrade

South Kensington and Elephant & Castle top the pipeline list
2 days ago

Corbyn Plant Hire fleet goes under the hammer

Kit to be sold off by sister firm to collapsed groundworks contractor
2 days ago

Government wields procurement stick on late payment

New rules would block slow payers from bidding on big public jobs
5 days ago

Hercules buys power line labour firm for £15.7m

Labour supply specialist snaps up Advantage NRG to tap booming electricity upgrade market
5 days ago

Universal bid to fast-track planning for theme park

Entertainment giant eyes 2026 start at Bedford site
5 days ago

Developer Breck to transform former Ibstock brick factory

Ravenhead works to become 300-home development
5 days ago

SP Energy Networks awards contracts worth £1.4bn

First round of awards under £5.4bn national electricity grid upgrade programme
6 days ago

Travelodge to convert Liverpool Street office building

Office-to-hotel conversion in City of London
5 days ago

Plans lodged for 1m sq ft City of London office

Barbican landmark building will reuse 40% of existing structure
6 days ago

PTSG acquires roofing specialist HD Sharman Group

Premier Technical Services Group expands building maintenance division
5 days ago

Balfour Beatty lands £833m carbon capture power plant job

Work to start later this year on Teesside carbon capture gas-fired power station
6 days ago

Svella agrees deal to save Cubby Construction

Solvent purchase set to save 214 jobs and protect supply chain
6 days ago

J Coffey holds line on margins despite £52m revenue slide

Pre-tax profit down 14% but firm eyes strong pipeline to bounce back
6 days ago

Consultants called up for £2.3bn NHS SBS panel reboot

Market asked for views ahead of next-gen procurement rollout
6 days ago

Hochtief launches new UK data centre division

German business model to be introduced for UK construction
7 days ago

Construction skills body launches with 100,000 worker target

Industry to work closer with Jobcentres to find new talent
6 days ago