Hewlett Construction entered into administration at the end of May owing 拢11m
Hewlett Construction entered administration last month owing creditors 拢11.2m, according to a report filed to Companies House by administrators P&A Partnership.
After entering administration on 27 May, the Leeds-based civil engineering firm made 140 staff redundant.
The P&A Partnership creditors report reveals Hewlett Construction faced 鈥渇inancial constraints鈥� after purchasing the business and assets of Hewlett Civil Engineering Limited (HCEL) in early 2013, after that firm fell into administration in January that year.
These constraints were caused by Hewlett Construction being unable to novate as many contracts from the stricken HCEL as 鈥渉ad originally been anticipated鈥�.
Further funding difficulties were encountered on loans Hewlett Construction obtained against a number of invoices - later cancelled by the funder - and because of an 鈥渁dverse decision鈥� in a key arbitration case on an undisclosed project.
P&A Partnerships said a dividend to unsecured creditors would be available 鈥渋n due course鈥�, but the level was dependant on how much monies could be recovered.
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