Bemus collapsed after owing creditors £4.6m
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Bemus owed creditors £3.6m to its trade creditors the groundworks an civil contractors collapsed after the Middleton based business grew to £38m revenue before running into Covid cash crisis.
The groundworks and civils contractor effectively collapsed two months ago just after the Covid crisis, although the company is only now informing creditors of plans to seek a voluntary liquidation on 23 October.
The founder Sean Walsh has just written to creditors seeking to appoint Altincham-based Lucas Johnson as liquidation agents.
A summary of liabilities reveals that the firm which worked mostly for house builders in the north west and employed around 100 staff, has total debts of £4.6m.
Bemus owes £280,000 to staff, on top of the cash owed to trade creditors and £300,000 to the tax office and £857,000 to connected company Bemus Plant.
Main trade creditors include: finance provider White Oak UK, owed £365,000; Cemex, owed just over £200,000; Formwork Direct International, £193,000; Tarmac Trading, £162,000; and B&W Plant Hire owed around £160,000.
Walsh, a former director at Jon Ennis Construction, established Bemus nine years ago.
He grew the Middleton-based business up steadily in recent years to achieve revenue of £38m last year making a modest £460,000 pre-tax profit.