Modular firm in pre-pack administration despite CBILS loan
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, Id...
Source: constructionnews.co.uk