Levolux racked up 拢2.4m loss on turnover of less than 拢8m, administrator鈥檚 report reveals
A solar shading specialist which collapsed into administration last November owed unsecured creditors more than 拢1m, an administrator鈥檚 report has revealed.
Levolux sank less than three months after being sold for 拢1 to a private investor by former owner Alumasc.
It was originally bought by Alumasc in 2007 for 拢13.5m but, according to a report filed by FRP Advisory, racked up a 拢2.4m pre-tax loss in the year to June 2022 on turnover of just 拢7.8m.
In the previous 12 months, the firm, which employed 34 people, turned in a 拢533,000 pre-tax profit on a revenue of 拢12.6m.
FRP said unsecured creditors were owed 拢1.1m, including its former parent which is missing close to 拢350,000.
The administrator said the business had been hit by the impact of the pandemic, Brexit and project delays.
It added that following the sale last August to new owner RCapital, the firm continued to suffer project delays while 鈥渃osts were incurred to retain key staff and an upfront working capital cycle resulted in a significant unexpected funding requirement鈥�.
FRP said Levolux鈥檚 secured creditor, a finance firm, was owed 拢1m and would get some of its money back while staff owed 拢75,000 in missing wages and holiday pay would also receive a portion of their money as well. But unsecured creditors have been told there are 鈥渋nsufficient funds鈥� to make payments to them.
Levolux designed and manufactured solar shading systems to reduce the impact of sunlight for occupiers.
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