The Stone Specialist reports that conservation contractor William Anelay, which recently featured on the BBC2 Hairy Builders programme, has announced it is having cash-flow problems in its masonry company and is asking creditors to help bail it out by accepting just a proportion of their debts under a company voluntary arrangement.
The Stone Specialist writes:
William Anelay, headed by an eighth generation member of the Anelay family (Charles), has always laid claim to being the oldest, continuously trading stonemasonry business in the country, with a provenance dating back to 1747.
But its masonry company is now a separate legal entity from William Anelay, having become a limited liability partnership involving Jonathan Hunter of Traditional Masonry in Yorkshire and moved away from William Anelay’s York premises. It is now at a one-acre site in Crigglestone, West Yorkshire, where it trades as Anelay Traditional Masonry.
Charles Anelay says: ‘While only a few projects outside our usual sphere have been involved, the values were significant and this has harmed our business performance and cash flow. They are now finished, save one, where completion is imminent, and another, which has been brought under control. But unfortunately we are now unable to pay suppliers.’
‘We have a fresh approach, have returned to our core operations and have a strong order book for the next 12 months and beyond.’
‘We appreciate that the need for a CVA will be a great disappointment to sub contractors and suppliers who have supported us for many years but this is the best way to make a maximum and prompt return to creditors and we are totally committed to making it a success. Of course, it can work only if our customers are prepared to support the proposal as well.’
‘With our bank’s support and a successful completion of the proposed debt restructuring, we aim to continue in our current form and are committed to completing schemes under contract.’
