SFP, the nationwide insolvency practitioners, has been appointed Administrator of Midland Glass Supplies Notts Limited after the company accrued large debts and struggled with a lack of cash flow. The £500,000 debts include a large amount owed to Her Majesty’s Revenue & Customs (HMRC).
Midland Glass Supplies Notts manufactures and produces glass and glazing products, including double-glazing and Upvc goods. It employees approximately 40 people at its factory in Huthwaite, Nottingham and has an annual turnover in excess of £4 million.
SFP’s Daniel and Simon Plant – both licensed members of the Insolvency Practitioners’ Association – were appointed Joint Administrators on 26th July 2011. The company is currently still trading.
With four out of five instructions received by SFP in 2011 citing large debts to HMRC as a reason for struggling, businesses need to better protect themselves from the potential financial troubles, says Simon Plant, Group Partner, SFP. “Ensuring that the business has made provisions for the tax bill is the only way to avoid pitfalls like this,” Simon says.
“Midlands Glass Supplies has run into cashflow difficulties and we are currently in discussions with interested parties for a sale of the business as a going concern. We are confident of a successful and swift sale,” Simon adds.
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