Seventeen people lost their jobs when Poole-based Sea View Coaches went into administration last April. The company, which started in the mid-1960s, had faced difficulties for several years before the Covid pandemic put paid to hopes of a rescue. The administrators who were appointed to handle the company’s affairs a year ago have now been made liquidators. They will arrange a “significant” payment to unsecured creditors. Administrators sold the company’s Fancy Road site for £627,000, which was “significantly” higher than original estimates. Most of the company’s coaches were leased from two finance companies, but two were sold at auction for a total of £19,000. Another £1,000 was raised from two other vehicles owned by the company.
The number of monthly construction administrations rose in February,
Construction News can reveal.
There were 16 administrations in the sector in February, according to data provided by Creditsafe. This compares to 12 in January. The latest monthly figure is well down on February 2020, when a total of 35 firms collapsed.
Analysts have previously predicted that the number would rise when government support schemes such as furlough come to an end. In yesterday’s Budget, chancellor Rishi Sunak extended the furlough scheme and introduced further government-backed loans of up to £10m, in a bid to “protect the jobs and livelihoods of the British people”.