Styles & Wood to call in administrators

Aaron Morby 4 years ago
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The owner of fit-out contractor Styles & Wood is placing the firm in administration just over two years after buying the business for £45m.

Furniture and fitting group Extentia confirmed the decision to call in administrators blaming cash flow issues that had become too difficult to sustain.

Craig Eastwood, chief executive of Extentia Group, said: “Extentia’s programme management business Styles & Wood has experienced significant cashflow issues following a handful of large developer-led projects.

“By nature, this type of work is complex with high revenues and low margins; a situation inherited by Extentia Group’s new leadership team who succeeded predecessors at the end of November 2019.”

He added: “Unfortunately these cashflow issues have become too significant for Styles & Wood to sustain, and so the difficult but correct and responsible decision has been made to file an intention to appoint administrators and discontinue all programme management activities.

“Our focus now is to work with our stakeholders and advisers to explore options for the Styles & Wood businesses, making it a priority to protect the interests of our colleagues and those employed within connected Styles & Wood divisions.”

Long-serving Styles & Wood CEO Tony Lenehan and chief finance office Phil Lanigan left the business four months ago.

Both men were in charge of the fit-out contractor when it was bought for £42.5m by investment vehicle Central Square Holdings and became a leading division in the rebranded Extentia Group.

Eastwood added:“ Extentia Group’s Furniture, Fixtures and Equipment and Professional Services businesses remain unaffected, and with the continued support of our stakeholders and funders we are very confident about the future.

“All of our Furniture, Fixtures and Equipment and Professional Services businesses are trading well and we are firmly placed to capitalise on the pipeline of opportunities that have been secured.”

 

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