The company behind Tyneside conservatory company Pennine Home Improvements is set to be liquidated after directors called a meeting of credtors.
The Benton-based business closed its North Tyneside showroom some time ago, leaving its fleet of trade vans parked outside and a note on the door saying it was closed for renovations.
But the business remained closed after its stated reopening date of June 19, and customers have been left in the dark over how to contact the company over existing or planned home improvement projects with phone lines out of service and online links to the company’s website leading to blank pages.
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Now a meeting of creditors has been called for Crownfold Ltd – which trades as Pennine Home Improvements – by its owner, which is set to be held online next week. A Yorkshire based insolvency and business recovery specialist is expected to be appointed as liquidator.
It comes a year after former owner The Conservatory Outlet Group, which had acquired the business in 2017 in an undisclosed deal, disposed of the company. The company is now owned by director Jonathan Young, who is seeking a decision from creditors on the nomination of a liquidator at the virtual meeting.
Philip Booth of Booth & Co in Ossett, West Yorkshire, is the nominated liquidator of the company, which has traded for more than 40 years in the region, manufacturing, selling and installing conservatories, orangeries, replacement conservatory roofs, windows and doors.
A document published on the official public record, The Gazette, says: “The meeting will be held as a virtual meeting by conference call on July 5 2023 at 10.15 am. Details of how to access the virtual meeting are included in the notice delivered to creditors. If any creditor has not received this notice or requires further information please contact the nominated liquidator using the details below.
“Philip Booth of Coopers House, Intake Lane, Ossett, WF5 0RG is a person qualified to act as an insolvency practitioner in relation to the company who, during the period before the meeting date, will furnish creditors free of charge with such information concerning the company’s affairs as they may reasonably require. A creditor may appoint a person as a proxy-holder to act as their representative and to speak, vote, abstain or propose resolutions at the meeting. A proxy for a specific meeting must be delivered to the chair before the meeting.”
Most recent accounts for Crownfold Limited, covering the year ended August 31, 2021, show it had 46 employees during the financial year, and the amount it owed creditors within a year had widened, from £1.57m to £1.85m. Its operating loss also widened from £900,000 in 2020 to £1.78m, accounts for its previous owners show.
A note in the Crownfold accounts says: “In April 2022 the ordinary share capital of the company was sold to the current directors. Following this change of ownership, the company has restructured its business operations, allowing it to focus on more profitable work, operating with a reduced revenue, and a greatly reduced cost base. Forecasts prepared by the directors demonstrate that the company is able to operate profitably and meet its liabilities as they fall due, without additional borrowing or supplier credit, and are underpinned by a strong sales forecast running into early 2023.
“Nonetheless, the directors are mindful that, with the prevailing economic conditions and an uncertain retail consumer outlook, any forecasts prepared are subject to material uncertainty which may cast doubt on the company’s ability to continue as a going concern.”
