A petition to wind up Colmore Tang Construction has been filed with the Companies Court – as the Birmingham-headquartered contractor enters voluntary liquidation.
HM Revenue and Customs (HMRC) lodged the petition against Colmore Tang Projects Limited under the Insolvency Act 1986 with the High Court of Justice (Chancery Division) today (24 November).
Construction Wave understands the company was weeks away from completing its one remaining contract when HMRC issued the petition, which it believed would have enabled it to satisfy all its creditors.
A winding up petition against the contractor was first filed by HMRC on 23 October.
It is understood insolvency specialist Rendel & Co. has been appointed liquidator of the company.
Colmore Tang’s website appears to have been disabled, which raised concerns among the industry.
Founded in 2013, Colmore Tang was initially started to deliver a handful of conversion projects under permitted development rights.
It went on to win ‘Fastest Growth Company of 2016’ and then ‘Fast Growth Business of the Year, 2018’, before launching a cladding remediation service in 2021.
Group accounts for the year ended 31 May 2021 saw turnover of £17.7 million (FY2020: £52.9 million), an operating loss of £4.9 million (FY2020: £248,982 profit) and loss for the year of £4.8 million (FY2020: £246,714 profit).
The winding up petition by the company’s creditor (HMRC) will be heard at the High Court in London on 6 December.
Any party intending to appear at the hearing, whether to support or oppose it, must give notice to the petitioner or their solicitor on 5 December.
Rendel & Co. was approached for comment.
Was this interesting? Try Tax breaks, VAT checks and planning reforms – what construction firms can look forward to in 2024
If you have a tip or story idea that fits with our publication, please contact the head of editorial email@example.com
Get industry news in 5 minutes!
A daily email that makes industry news enjoyable. It’s completely free.