Dawnus had 700 workers
When Dawnus collapsed, he owed his unsecured collectors greater than 40 million kilos sterling and his workers 5 million kilos sterling. The administrators of the corporate say that it’s unlikely that these money owed will probably be repaid.
Dawnus additionally owes the British tax authorities about three million kilos sterling.
Dawnus enlisted Grant Thornton for the primary time in December 2017 to show to enterprise turnaround specialists to assist resolve their money stream issues. HSBC and the Welsh authorities raised 7 million kilos. They had been in a position to repay £ four million by promoting property.
However 2018 continued to be tough and in December 2018, Dawnus requested Grant Thornton to discover a purchaser or a brand new investor. Grant Thornon approached 52 potential business consumers and 23 troubled buyers. Solely two confirmed curiosity. one provide was withdrawn after due diligence and the opposite was not at the same time as far earlier than the withdrawal.
Alistair Wardell, Matthew Richards and Philip Stephenson of Grant Thornton UK LLP have been appointed joint administrators of the British operations of the Dawnus group on Friday, March 15, 2019.
With none lifeguard on the horizon, the administration was the one possibility, in keeping with a report by Grant Thornton.
At the moment, the Dawnus Group had roughly 700 workers in six regional workplaces and 44 development websites.