Haydon M&E files administration notice
Haydon Mechanical & Electrical has filed a notice of intention to appoint an administrator.
Latest results for the London based M&E specialist show it had a turnover of £66.2m for the year to December 31 2021 generating a pre-tax loss of £6.2m.
Haydon entered a Corporate Voluntary Arrangement with its creditors in August 2022 following cash flow pressures.
The CVA deal was designed to distribute at least £7.2m to creditors at the rate of £200,000 a month starting in November 2022 with suppliers getting at least 80p in the £1 back for their debts.
At the time of the CVA Haydon had a loan agreement in place with its former parent company Mears who sold the firm to its management for £1 in 2013. Mears agreed to postpone all loan repayments for at least 18 months while Haydon worked through the CVA.
One subcontractor said: “The supply chain have stood by Haydon when they needed them and now it looks like they will get the short straw again.”
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