Levolux racked up £2.4m loss on turnover of less than £8m, administrator’s report reveals
A solar shading specialist which collapsed into administration last November owed unsecured creditors more than £1m, an administrator’s report has revealed.
Levolux sank less than three months after being sold for £1 to a private investor by former owner Alumasc.
It was originally bought by Alumasc in 2007 for £13.5m but, according to a report filed by FRP Advisory, racked up a £2.4m pre-tax loss in the year to June 2022 on turnover of just £7.8m.
In the previous 12 months, the firm, which employed 34 people, turned in a £533,000 pre-tax profit on a revenue of £12.6m.
FRP said unsecured creditors were owed £1.1m, including its former parent which is missing close to £350,000.
The administrator said the business had been hit by the impact of the pandemic, Brexit and project delays.
It added that following the sale last August to new owner RCapital, the firm continued to suffer project delays while “costs were incurred to retain key staff and an upfront working capital cycle resulted in a significant unexpected funding requirement”.
FRP said Levolux’s secured creditor, a finance firm, was owed £1m and would get some of its money back while staff owed £75,000 in missing wages and holiday pay would also receive a portion of their money as well. But unsecured creditors have been told there are “insufficient funds” to make payments to them.
Levolux designed and manufactured solar shading systems to reduce the impact of sunlight for occupiers.
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