Yahoo News Collapsed Plymouth building firm leaves £1m debts mountain
Debts of £1m are expected to go unpaid after the collapse of a Plymouth building company. Long-running Underhill Building Services Ltd went into liquidation a year ago and now it has emerged that creditors are unlikely to receive a penny.
The electrical, plumbing and joinery business was set up in 2001 but appointed liquidators in April 2023. New documents filed at Companies House reveal it was wound up with assets of just £6,000 but owed large sums.
A newly published progress report from liquidators at Plymouth’s Brailey Hicks said creditors of the company, which was based in Estover, are not expected to receive any cash. The report said: “It is anticipated that no distribution will be made to any class of creditor.”
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Secured creditor Lloyds Bank Commercial Finance Ltd is claiming £43,601. But the liquidators said: “It is anticipated that the asset realisations will not be sufficient to repay them in any capacity.”
Secondary preferential creditor, HM Revenue and Customs, is estimated to have a claim of £7,214, although the company’s statement of affairs put the sum at £327,875. The liquidators’ update said: “HMRC’s claim has not yet been received.”
Unsecured trade and expense creditors are claiming £929,378 but this could rise. The report said: “Proofs of debt are still being received and therefore the total value of unsecured claims is not known at present.”
Underhill Building Services Ltd’s statement of affairs said the bulk of the unsecured debts were owed to associated company The Rogers Group (SW) Ltd , claiming £243,688, and one of its own directors: Keith Underhill, who is owed £685,710.
Underhill Building Services was a part of the large Underhill Group Ltd, which controls Plymouth’s well-known Underhill Engineering Ltd, a totally separate company and unaffected by the liquidation of the building firm. In 2019, Underhill Engineering ceased to control the building firm with Adela and Steven Rogers - owners of the Rogers Group Holdings Ltd which has Rogers Group (SW) Ltd as a subsidiary- taking over alongside Keith Underhill, now aged 76.
The most recent accounts for Underhill Building Services, for the year to March 2021 revealed net liabilities of £716,364. Keith Underhill was a founder of the Underhill Group with his brother Mike Underhill, aged 74, in 1974, and remain its owners.
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