Основатель Ardmore расстроен выходом из подрядной деятельности после реструктуризации долга

Ardmore chairman and founder Cormac Byrne said he was disappointed by his firm’s exit from contracting after creditors agreed to a repayment timetable with the remaining companies in the group. After the Ardmore Group put its construction arm into administration earlier this year, the remaining companies have now Company Voluntary Arrangements (CVAs) with debtors. Ardmore said the restructuring would deliver a better outcome for creditors than liquidation. The group filed moratorium notices for seven companies in June after Ardmore Construction Group and its subsidiaries entered administration. Business recovery specialist BTG was engaged by Ardmore Group Holdings Ltd, Ardmore Group Ltd, Byrne Properties Ltd, Celebration Homes Ltd, Paddington Construction Ltd, Systemhaven Ltd and Byrne Estates (Kensal Green) Ltd. The move followed remediation claims and subsequent Building Liability Orders (BLOs) relating to legacy residential developments. Ardmore continues to dispute the claims. Repayment proposals were presented to creditors in August, with all seven CVAs approved following a final vote this week. In a statement, Byrne said: “The decision to place our construction businesses into administration and subsequently present these CVAs has not been easy, but we acknowledge they have been critical steps in securing our future and supporting our creditors. “We worked with BTG and Kingsley Napley to explore all realistic alternatives, including liquidation, but this proposal presents more favourable terms to our creditors and we’re pleased that the majority have voted in favour. “Although this is a positive step, we are disappointed to no longer be operating as a main contractor. “We remain immensely proud of the work we have done over half a century and I would like to thank everyone that has supported and worked in Ardmore’s construction businesses during that time. “Collectively, we have been instrumental in enhancing London’s skyline and delivering some of the capital’s most impressive and complex projects which will be enjoyed for a lifetime.” BTG partner Asher Miller said: “Over the past few months, we have been working hard to find the best outcome for creditors by analysing the assets of Ardmore and its business operations. This includes protecting, as best we can, its remaining assets, employees and its creditor base. “We would like to thank the creditors for approving the plan so that we can take the next steps in the restructuring. “Going through this CVA process is a vital step to taking the Group forwards and ensuring that it has a positive future ahead of it.” Financial and real estate advisory firm BTG and law firm Kingsley Napley worked with Ardmore on the CVA proposals. Ardmore was founded in 1974 and became a major London main contractor over the following five decades. Its projects included Raffles London at The OWO, Four Seasons Hotel London at Ten Trinity Square, Corinthia London, The Ned and The Whiteley.