Armoury Demolition has issued an official statement on its administration.
Earlier today, we exclusively reported that Midlands-based Armoury Demolition had called in the receivers. While the specific reasoning behind this shock decision remains shrouded in mystery and conjecture, the company has issued an official statement which we have reproduced (below) in full:
On 23rd December 2010, Armoury Demolition and Recycling Ltd (“the company”) entered into administration pursuant to an order made in the Birmingham High Court under reference 8596 of 2010. Appointment of the administrators, Harper Cavendish, was made by the Pension Scheme of which Legal & General Assurance Society Ltd is a trustee pursuant to their fixed and floating charge debenture over the business and assets of the company. The Pension Scheme is represented by Pinsent Mason LLP solicitors.
The administrators are currently reviewing all the company’s contracts in progress with a view to completing these in order to maximise the return to creditors. Whilst it is early days in the administration, the directors of the company are fully assisting the administrators in providing the necessary information to facilititate the orderly completion of contracts.
The administrators have not ruled out the possibility of salvaging the “goodwill” of the core business built up over some 22 years. Prior to the administration, the company had employed circa 90 staff and had reported an annualised turnover of approx £8 million.
For further nformation, please contact Stuart Garner or Jason Groocock at Harper Cavendish on Tel: 0116 242 5100.
