{"id":130336,"date":"2023-07-26T09:56:32","date_gmt":"2023-07-26T08:56:32","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=130336"},"modified":"2023-07-26T09:56:32","modified_gmt":"2023-07-26T08:56:32","slug":"haydon-mechanical-and-electrical-files-administration","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/haydon-mechanical-and-electrical-files-administration\/130336\/","title":{"rendered":"Haydon Mechanical and Electrical files for administration"},"content":{"rendered":"<h2>Ten years after it was sold to the management team for \u00a31, <a href=\"https:\/\/haydonme.co.uk\/Detail.aspx?page=aboutus\" target=\"_blank\" rel=\"noopener\">Haydon Mechanical &amp; Electrical<\/a> has filed for administration<\/h2>\n<p>London-based specialist Haydon Mechanical and Electrical have <a href=\"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/directors-duties-in-the-event-of-a-construction-company-insolvency\/120700\/\" target=\"_blank\" rel=\"noopener\">filed for administration<\/a>\u00a0after a creditor agreement failed to resolve cash flow issues.<\/p>\n<p>The M&amp;E firm operated across residential, commercial, healthcare and a variety of facilities management sectors for 38 years.<\/p>\n<p>Recent results recorded a \u00a366.2m turnover for the year ending December 31 2021, generating a pre-tax loss of \u00a36.2m.<\/p>\n<p>After cash flow pressures, Haydon entered a Corporate Voluntary Arrangement with creditors in August 2022, designed to return at least \u00a37.2m to creditors starting in November 2022.<\/p>\n<h3>The company was already facing \u00a37.2m of debt from its previous owner<\/h3>\n<p>Parent company Mears sold Haydon to its management in 2013 for \u00a31, with an agreement to pay back \u00a37m if the company was sold again with a loan repayment scheme in place.<\/p>\n<p>Mears agreed to pause the repayment schedule for at least 18 months whilst Haydon resolved the debts of the CVA.<\/p>\n<div class=\"mk-custom-module-container\">\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Ten years after it was sold to the management team for \u00a31, Haydon Mechanical &#038; Electrical has filed for administration. <\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[304],"tags":[20347,658],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-130336","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-planning-construction-news","7":"tag-administration","8":"tag-electrical-contractors"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v26.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Haydon Mechanical and Electrical files for administration<\/title>\n<meta name=\"description\" content=\"Ten years after it was sold to the management team for \u00a31, Haydon Mechanical &amp; 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