Update 08/09/2016: William Anelay Ltd has now gone into administration after failing to get CVA support from suppliers. The firm said in a statement: “Despite a high level of support in favour of the proposals to date, the actions of a small number of suppliers completely eroded the confidence of certain clients”. “The steps they have in turn implemented to protect their positions have had a devastating effect on the company’s projected cash flow within the proposed arrangement.” Associated businesses are continuing to trade as normal. Please see our employee rights video below which explains your rights as an employee of an insolvent business. There is a link at the end of the video to the Government website which expands further on what you need to know.
19/08/2016 – Due to operational and financial issues surrounding several projects, William Anelay Ltd has struggled with cash flow over the last few months, resulting in a plan to restructure and enter a company voluntary arrangement (CVA). Founded in 1747, the historic firm has a turnover of £38 million and specialises in listed buildings and special structure projects. In order to continue trading, the company is proposing a CVA to creditors which would result in a far better outcome that administration or liquidation. A proportion of debt would be paid back to creditors over a few years, easing financial pressure and giving the company some breathing space. Newtons Solicitors was appointed to supervise the CVA.
Chairman, Charles Anelay, said in a statement: “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.” He added, “We appreciate that the need for a CVA will be a great disappointment to subcontractors 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.”