£5.1m-turnover stone company enters administration
Mon, 09 Sep 2024 | ADMINISTRATION
A stone company with operations in Basingstoke and Rotherham has fallen into administration, citing weakened demand in the UK’s housing and renovation market as a central factor behind its financial struggles.
Levantina UK is the UK distribution subsidiary of Levantina Group, a global, market-leading stone company specialising in extracting, producing and distributing stone products, including marble, granite, limestone and other natural stones.
The company has a UK customer base of more than 350 B2B clients, including stonemasons and kitchen and bath studios, who largely purchase semi-finished stones in slab format.
In accounts for the year to December 31 2022, Levantina (UK) Limited reported turnover of £5.1 million, up from £4.4 million a year earlier. However, during the same period, its post-tax losses widened from around £538,000 to nearly £723,000.
Interpath Advisory’s Nick Holloway and Stephen Absolom have now been appointed as joint administrators of the company, with the wider international Levantina Group unaffected by the administration. The company’s 12 staff have been retained following the appointment of the joint administrators.
Interpath Advisory Managing Director and joint administrator Nick Holloway commented: “We are working with the business to continue to trade and keep operations running at the sites in Basingstoke and Rotherham, so it is business as usual for staff and customers. The administration provides a period of protection while we explore options for the future of the business in the UK.”
In the company’s 2022 accounts, its assets were valued at just under £3.4 million. However, at the time, it owed creditors around £5.8 million, with the firm’s total liabilities amounting to more than £2.4 million.
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