Liverpool-based firm Ideal Modular Homes has been sold through a pre-pack administration after struggling with cashflow following problems getting paid.
The £3m-turnover businesses has been bought by a new owner and in a statement said trading “continue[s] uninterrupted”.
The company, which was formed in June 2017, was hit by the coronavirus crisis and ceased operations during the spring lockdown. In June of this year, it obtained a cash injection under the Coronavirus Business Interruption Loan Scheme (CBILS) from Close Asset Finance.
According to an administrators’ report however, Ideal Modular was hit with a pay-less notice by a customer in respect “of a sizeable payment application” in September. No further information about the job was given in the report, but the lower payment was said to have hit its ability to borrow money and ultimately led to the pre-pack administration.