William Anelay owes creditors more than £12m after administration

ONE OF Britain's longest-established construction and heritage restoration companies went into administration owing more than £12m to creditors, according to a report.
By The Newsroom
Published 9th Nov 2016, 16:44 BST
Updated 16th Nov 2016, 15:53 BST
William Anelay Restoration Specialists, York,working on a bridge that supports steps on the South entrance to Beningbrough Hall.William Anelay Restoration Specialists, York,working on a bridge that supports steps on the South entrance to Beningbrough Hall.
William Anelay Restoration Specialists, York,working on a bridge that supports steps on the South entrance to Beningbrough Hall.

Family-run William Anelay, which had been trading since 1747, was placed into administration in September when a company voluntary arrangement proved unviable, leading to 132 job losses.

The £38m-turnover York firm ran into cash flow difficulties following expansion and problems with some complex projects.

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The company had 17 schemes on site, including York Mansion House and Bradford City Hall.

An initial report filed by insolvency specialists at Begbies Traynor said unsecured creditor claims totalled about £12.6m at the time of administration.

The figure is an estimated statement of financial affairs. Further financial information is needed before William Anelay directors issue a formal statement. Of the £12.6m, £11.8m was owed to trade creditors and almost £300,000 to HM Revenue & Customs in respect of PAYE and National Insurance contributions.

Employee entitlements relating to the staff who lost their jobs amounts to £548,090. More claims are expected to emerge as the administration progresses.

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The outcome for creditors centres on a deal agreed with restoration firm The Szerelmey Group, which acquired a controlling interest in four associated companies of William Anelay following the administration.

Through purchasing vehicle, Heritage Building and Conservation (York), Szerelmey will pay a minimum of £400,000 for the assignment of William Anelay’s work in progress and debts.

Related topics:BritainYork