Administrators Confirm SD Samuels Owed £5.4m as Directors’ Conduct Investigations Continue

THE ADMINSTRATORS OF SD Samuels (Special Projects) Ltd, the roofing and cladding contractors who worked on Liverpool Football Club’s new Anfield stand, has clarified that debts owing to creditors will not be paid.

In addition, the Quantuma Advisory joint administrators appointed to close the company say that they are continuing to investigate the conduct of the directors in the lead up to the company closing.

In a report from the joint administrators, it was confirmed that there were unsecured debts of £5,375,402 owing at the time of the company entering administration in December 2022. Debts owed include together a total of over £1m to Bauder and Kingspan. To date, there have been 87 claims from unsecured creditors totalling £3,404,140.

Review of Company’s Affairs

The administrators have also explained that they carried out a review of the company’s affairs after it closed. It said the directors were not required to provide the firm’s books and records under the terms of the Asset Sale Agreement as they belonged to the purchaser (SD Samuels Ltd).

However, the directors of SD Samuels (Special Projects) Ltd provided completed questionnaires and the information from this process has formed a confidential report on the conduct of the directors (past and present) to the Insolvency Service.

The administrators say investigations are normally carried out of any matters that may lead to the recovery of debts for the benefit of creditors. This would typically include any potential claims which may be brought against parties either connected to or who have past dealings with a company.

In the Administrator’s Progress Report lodged with Companies House, Quantuma Advisory confirmed that they have revealed matters which they consider merited further investigation and the administrators’ enquiries are on-going. They say they are unable to comment further as it may prejudice investigations.

SD Samuels

SD Samuels (Special Projects) Ltd was established in 2004, in Basildon, as a roofing and cladding business specialising in high value projects over £750,000. With a turnover of £16m in 2021 and an operating margin of 13.2%, at the end of 2022 the company entered administration.

The closure of the company followed losses from customers going into liquidation, loss of banking facilities and unexpected retentions, according to the statement issued exclusively to Roofing Today by SD Samuels CEO, Fred Mills.

A pre-pack sale for £159,206 was agreed in February 2023 to SD Samuels Ltd. In addition to other creditors, the company owed £2.7m to its Group, £763,938 to HSBC bank and £432,733 to HMRC.

SD Samuels Ltd is owned by directors Carl Doherty, Fred Mills, Wayne Mills and Lee Smith, all of whom were formerly directors of the stricken SD Samuels (Special Projects) Ltd.

The joint administrators say, that as no other offers were received to buy the company, it was sold back to its former directors on 13 February 2023.

>> Read more of the latest roofing news

The post Administrators Confirm SD Samuels Owed £5.4m as Directors’ Conduct Investigations Continue appeared first on Roofing Today.

Generated by Feedzy