A firm that launched a legal claim against the Irish arm of collapsed contractor Henry Construction Projects has itself fallen into administration.
Bar 2064 Limited called in Jenny Poleykett and Alan Clark of Carter Clark on Monday (12 May), according to a notice on the Gazette website.
Peterborough-based Bar 2064 provided specialist staffing and recruitment services to clients in the construction and logistics sectors.
In its most recent full accounts, covering the year to 31 March 2023, the firm posted a pre-tax loss of £590,362 from turnover of £116m.
This was only slightly higher than the firm’s £112.4m annual wage bill for its 1,423 staff.
The accounts also noted that the company is one of Henry’s unsecured creditors, and the firm was hopeful of receiving up to £135,000.
Bar 2064 also said it was owed £208,000 by Henry Construction Projects (Ireland) Limited, which ceased trading in June 2023, at the same time as its UK parent firm.
“We have taken legal action in the Republic of Ireland and filed an unchallenged claim for the full amount owed,” the accounts stated.
“Our belief at this time is that we will recover this debt in full.”
While its revenue increased by 15 per cent, Bar 2064’s pre-tax loss worsened compared with its 2022 performance, when it posted a loss of £130,163.
The firm had net liabilities of £720,000 and cash at hand of £2.6m. It held £40,753 in bank loans and overdrafts repayable after more than 12 months.
The accounts noted that Bar 2064 was dependent on financial support from “key trading partner and related party” Procap Services Limited, as well as its two sister companies, Bar 2010 Limited and Bar 2080 Limited.
All three of these firms remain active, according to Companies House.
“While the director remains confident that necessary funds will be available as and when required, as at the date of this report the availability of the required support in the future is contingent on events of which the outcome is uncertain,” Bar 2064’s most recent accounts said.
In view of this, the auditor’s report in the accounts said “material uncertainty exists” that cast doubt on the future of the company.