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A Kent-based contractor has fallen into administration.
The £16m-turnover Coombs (Canterbury) Limited called in joint administrators Thomas D’Arcy and Christopher Latos of White Maund Insolvency Practitioners on 30 November 2020.
According to its website, Coombs worked across the commercial, education, healthcare, heritage, housebuilding and leisure sectors. Its list of clients included Canterbury Christ Church University, Cath Kidston, Royal Mail, Shell and Ford. The company had also completed work on landmarks such as Dover Castle and Canterbury Cathedral.
The contractor’s most recent financial results, for the year ended 31 July 2018, showed the business made an £88,907 pre tax profit on revenue of £16.06m. Trade creditors were owed £3.09m in cash due within one year. The results also state that the directors provided personal guarantees of up to £65,000. Overdraft facilities had been secured by way of a mortgage for an undisclosed asset.
Coombs (Canterbury) Limited falls beneath two layers of holding companies, the first being Coombs South East and the ultimate parent Coombs Holdings Limited. Neither of these firms have been placed in administration according to Companies House filings. Results from 2018 state that there is cross company guarantee for the financing facilities used by the three firms. Construction News has approached the administrators for a statement.
The administration has also caused a 16-home development for Canterbury City Council to stall. Canterbury City Council spokesman Leo Whitlock said: “Work has stopped on the Kingsmead Field site and the keys have been handed back to the council. Coombs was being paid in installments based on work that has already been completed. That means the council has not paid for anything that hasn’t already been built and has not lost any money.”
Whitlock added that the council was “working as quickly as possible on the best way to put the contract back out to tender in order to minimise delays to the project.”
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