Liquidators have been appointed for Readie Management Limited (RML), the parent company of collapsed contractor Readie Construction.
Jacob Beake and Gavin Savage of Begbies Traynor were named in a document filed on the Companies House website yesterday (15 May).
Travelers Insurance Company had filed a winding-up petition in the High Court against RML, and in April last year, Insolvency and Companies Court judge Catherine Burton issued a winding-up order.
The judge also granted an order to shut down Readie Trustee Ltd, the employee ownership trust for Readie Construction and the 100 per cent shareholder in RML.
Construction News contacted Gateley, which represented Travelers Insurance Company in the winding-up petition, for further information.
Readie Construction – RML’s main trading entity – reached 55th place in the CN100 2023 table of top contractors after its revenue rose 22 per cent to £421.1m in its final full year of business.
The firm ceased activity on 6 February 2024, when it called in Constantinos Pedhiou and Gary Shankland of Begbies Traynor as administrators.
In their latest progress report, published this March, they said RML owed its subsidiary £4.8m from a historic loan, with no fixed repayment date.
Readie Construction itself owed creditors more than £43m when it went under, including £24m to its supply chain. The administrators said the most they expected to recoup was £4.2m.
HMRC is owed an estimated £8m, while former employees are owed £494,400 in wages and holiday pay.
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Ben Vogel