M&E: Bristol-based firm goes into liquidation
M&E specialist firm has ceased trading and is set to go into liquidation.
In its latest accounts for the 18-month period ending July 31st 2019, Priddy Engineering Services held liquid assets valued at £1.8m. At the same time, Priddy’s debt to creditors exceeded its current assets, with £1.9m due to be paid within one year.
This period has been challenging for the business for three main reasons:
– In 2018, the company undertook major unnamed projects that proved to be “problematical”.
-Secondly, protracted and unresolved Brexit negotiations in early 2019 had a severe impact on the company’s ability to secure new contracts as clients delayed decisions and, in some cases, cancelled projects.
-Thirdly, an unidentified client on five of the company’s projects going into administration and leaving a significant bad debt charge.
Begbies Traynor is handling the liquidation of the company, which is set to take place on 25th of February.
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