Suppliers left high and dry as Haydon M&E goes under

Grant Prior 11 months ago
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Haydon Mechanical & Electrical has gone into administration.

The company is now in the hands of administrators from insolvency specialist Leading.

The collapse comes less than a year after Haydon entered a Company Voluntary Arrangement with its creditors in August 2022 following cash flow pressures.

The CVA deal was designed to distribute at least £7.2m to creditors at the rate of £200,000 a month starting in November 2022 with suppliers getting at least 80p in the £1 back for their debts.

At the time of the CVA Haydon had a loan agreement in place with its former parent company Mears who sold the firm to its management for £1 in 2013. Mears agreed to postpone all loan repayments for at least 18 months while Haydon worked through the CVA.

Latest results for the London based M&E specialist show it had a turnover of £66.2m for the year to December 31 2021 generating a pre-tax loss of £6.2m.

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