Mon, July 17, 2023 | ADMINISTRATION
Norman and Underwood Group, a Leicester-based specialist in architectural roofing, siding and glazing, has filed for bankruptcy. According to The Gazette, the company, which dates back to 1825, has appointed joint administrators to Begbies Traynor.
The company had submitted letters of intent to appoint administrators last month in a bid to find a buyer. On 13 July the company appointed Administrators, with Begbies Traynor also having oversight of the administration of Norman and Underwood Ltd, Norman & Underwood (Glazing Systems) Ltd, Norman & Underwood Group Ltd and Norman & Underwood Conservation Ltd. was appointed.
Norman and Underwood originally specialized in general plumbing and glass work before expanding their business into architectural and structural glazing, metal roofing and cladding, and building protection solutions such as stained glass restoration and lead work.
The company has worked on projects for several iconic buildings including St Paul’s, Westminster Abbey, Chatsworth House and Hampton Court Palace. The company has also completed a number of high profile international contracts including the British Embassy in Monaco and the Dome of the Rock in Jordan.
The Group’s most recent available accounts with Companies House for the year ended 31 December 2021 showed an operating profit of £115,019 and a pre-tax profit of almost £70,000. At this point fixed assets were valued at £4.7m and current assets at £2.5m with total equity at £5.9m.
The company’s management is in the midst of the mounting distress in the UK construction sector, which has been hardest hit by the UK’s rising insolvency rate.
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