LNM Carpentry & Joinery was turning over £1m, but in 2016 suffered a significant bad debt from a single client that led to cashflow problems and HMRC arrears. Following a petition from HMRC, joint administrators from SFP were appointed.

A sale of the business as a going concern has been finalised to South East Structures.

‘Despite best efforts to continue trading, which included securing additional funding, the company was ultimately unable to do so resulting in HMRC arrears. The purchaser, South East Structures Limited will be looking to maintain a tighter rein on its finances going forward,’ said joint administrator from SFP Daniel Plant.

Report by Kevin Reed