A struggling air conditioning maintenance firm was sold for £295,000 by its administrators – leaving creditors £4.7m out of pocket, newly filed documents reveal.
Anglia Installation Maintenance, of West Bilney near King's Lynn, suffered two bad debts totalling £380,000 which caused cashflow problems, according to proposals filed at Companies House by administrators McTear Williams and Wood.
After seeking advice, it entered voluntary liquidation in June. The firm stopped trading and its business and assets were sold to AIM Construction & Development, a company run by the same director, Richard Eagle.
Anglia Installation Maintenance had grown from a £2.7m turnover company in November 2013 to a £20m business in November 2016 but was unable to sustain the growth and the proposal documents say it is likely to have suffered substantial losses for the period.
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