A Devon boiler company that ran into financial trouble is being liquidated, with 30 jobs lost. BBSM was set up in 2019 by Robin Cotton, Adrian Ham and Simon Hayes. It provided biomass boiler servicing, maintenance and installation across England and Wales.
The Tiverton-based business grew quickly, lifting turnover to almost £4m within five years. It built a substantial customer base in the commercial and public sectors. Its clients included schools, leisure centres and hotels, such as luxury Devon seaside hotel Saunton Sands and wedding and events venue The Corn Barn in Somerset.
According to the directors, the company's decline was caused by a "combination of factors" over the past 18 months. These included bad debts from customer insolvencies, losses on two major projects, and rising operating costs. They also said cash flow had come under pressure as customers took longer to pay, and earlier this year several projects were cancelled or delayed.
As a result, Nick Harris and Lucinda Coleman, partners in the restructuring team at PKF Francis Clark, were appointed liquidators after BBSM entered creditors' voluntary liquidation last week.
Mr Harris said: “BBSM had established an excellent reputation within the biomass heating sector. After encountering various headwinds in recent times, the directors worked hard to explore options to secure the future of the business.
“Unfortunately, it was not possible to rescue the company as a going concern and there was no alternative to liquidation in the circumstances. Our focus now is on realising the company’s assets for the benefit of creditors, as well as supporting former employees with claims to the Redundancy Payments Service.”
Creditors are encouraged to contact Charles Bell, at the Bristol office of PKF Francis Clark, on 0117 403 9800 or [email protected].
Devon Boiler Firm Collapse Costs 30 Jobs