denmans down the pan

[ourtezuk]

anybody got any USEFUL updates on the situation:(

[gloucesterfridg]

They are obviously in receivership with the administrators in. Took some for an awful lot of money. I also heard the 'over 10 million' figure to one supplier alone . Possibly Carter. ??

Is that useful...

G.F




Administrators Called in to Denman Contracting

Ben Hall27 Mar 2008

Administrators called in by the Denman Group are urgently searching for rescue bids after the M&E and refrigeration specialist was hit by financial problems due to work being delayed.

Chartered accountants Wilkins Kennedy, which is now handling all queries about the business, said Denman Contracting, Denman Holdings and Denman Group had filed a ‘notice of intention to appoint administrators’ on Friday March 28 and the firm was formally appointed on Tuesday.

Keith Stevens, partner at Wilkins Kennedy, said he was expecting its other division Denman Facilities Management to follow suit in the next couple of weeks.

He said: “At the moment we are trying to hold the business together so we can sell it as a going concern."

The Reigate based Denman Group appears to be the latest victim of the housing downturn and credit crunch. The Royal Institution of Chartered Surveyors (RICS) said on Tuesday the growth in construction workloads had fallen to their lowest level for more than 10 years.

Mr Stevens said: “The lack of work during December, January and February caused a cash flow problem. A lot of work was delayed by companies due to the uncertainty surrounding the building market.

“Hopefully whoever gets the business will be able to benefit from this delayed work. If the work had been there two months earlier we probably would not have been involved.”

Denman Group was founded in 1998 by Mark Denton, but following a management buy-out in September 2007 former commercial director David Weaver was installed as group managing director.

Denman Contracting covers refrigeration design, supply, installation, testing and commissioning services within the food retail sector alongside general M&E and Air Conditioning services.

Mr Stevens said a number of businesses had expressed interest in Denman, but he could not confirm a timetable for reviewing the bids. No redundancies have been made at the moment ahead of a possible sell off.

He said: “I certainly believe the business or at least part of it will be sold.”

Denman Contracting’s accounts for the financial year ending on May 31, 2007 stated its turnover was £37.5 million up from £22.8m for the same period in 2006 and its profit was £647,224 in 2007 up from £12,017 in 2006.

A statement by directors on the accounts released last year said the financial position was “considered satisfactory” and they expected “continued growth in the foreseeable future.”

[Chunk]

The fm side is still up and running and engineers are being paid in full for overtime and extras.

Heard a rumour that a large and reputable company is finalizing a takeover and is just finishing talks with Tesco and Sainsburys to cover them as a service outfit with further talks about contracting.

Watch this space as DENMAN may turn out to be biggest fridge company in the uk.Then where you doubters be?

[bernard]

Hi

I think Carrier may be the buyers.

Regards B

[waswant]

I WORK FOR A COMPANY THAT SUB CONTRACTS TO DENMAN FM & WE WERE TOLD BY WILKINSON KENNEDY ADMINISTRATORS THAT WE WOULD NOT GET PAID (OWED HUNDREDS OF THOUSANDS OF POUNDS). THIS IS A BIT DODGY BECAUST DENMAN FM ARE SUPPOSEDLY IN A SOLVENT POSITION. ANY OF YOU GUYS IN THE SAME POSITION?
BE VERY CAUTIOUS WITH DENMAN FM AT THE MOMENT, I THING THEY WILL GO THE SAME WAY AS CONTRACTING IF THEY HAVENT ALREADY.
:mad:

[gloucesterfridg]

The fm side is still up and running and engineers are being paid in full for overtime and extras.

Heard a rumour that a large and reputable company is finalizing a takeover and is just finishing talks with Tesco and Sainsburys to cover them as a service outfit with further talks about contracting.

Watch this space as DENMAN may turn out to be biggest fridge company in the uk.Then where you doubters be?

Err Denmans are bust defunct kaput finished, I'm surprised you missed that part thus far...?

[gloucesterfridg]

I WORK FOR A COMPANY THAT SUB CONTRACTS TO DENMAN FM & WE WERE TOLD BY WILKINSON KENNEDY ADMINISTRATORS THAT WE WOULD NOT GET PAID (OWED HUNDREDS OF THOUSANDS OF POUNDS). THIS IS A BIT DODGY BECAUST DENMAN FM ARE SUPPOSEDLY IN A SOLVENT POSITION. ANY OF YOU GUYS IN THE SAME POSITION?
BE VERY CAUTIOUS WITH DENMAN FM AT THE MOMENT, I THING THEY WILL GO THE SAME WAY AS CONTRACTING IF THEY HAVENT ALREADY.
:mad:




Chartered accountants Wilkins Kennedy, which is now handling all queries about the business, said Denman Contracting, Denman Holdings and Denman Group had filed a ‘notice of intention to appoint administrators’ on Friday March 28 and the firm was formally appointed on Tuesday.

Keith Stevens, partner at Wilkins Kennedy, said he was expecting its other division Denman Facilities Management to follow suit in the next couple of weeks.


Err no it's not solvent, it appears it's all in the same boat...

[Chunk]

Err Denmans are bust defunct kaput finished, I'm surprised you missed that part thus far...?

The thing i`m wondering is....What the heck it has to do with you?

As an employee of this company,i don`t even know whats going on.A lot of people have lost their livelihoods and for us that remain,we are trying to keep things in perspective and continue with our jobs that we are payed to do.

As for my previous post,i was trying to put across the point that anyone can make up bullsh1t and post on the internet,but without proper facts we are all in the dark.

Companies come and go and Denman is just another satatistic of the way supermarkets treat their contractors.

Just remember,we all will live to fight another day(unless you`ve killed yourself):D

[andy66]

so....... how long till fm go down the pan????

[Chunk]

so....... how long till fm go down the pan????

I`m guessing tomorrow morning.

We`ve been told we are getting paid until this friday,but after that is anyones guess.

[IceMan08]

Hi all, new to this website but can see it'll be very handy indeed!
I had a lucky escape from denmans:D,through choice I might add (I was on service,not install!) I know the install side went down but the company as a whole is well worried:eek:,the current owner bought it 6 months ago and was going to turn the business around in a year, he's now selling so what does that tell you??
Whoever decides to bail them out should sack half the office and ban facebook and viral emails for the survivors:p-that way the service side might see some parts and they might keep there service side, as for maintenance.....well thats another story!:mad:

[gloucesterfridg]

The thing i`m wondering is....What the heck it has to do with you?

As an employee of this company,i don`t even know whats going on.A lot of people have lost their livelihoods and for us that remain,we are trying to keep things in perspective and continue with our jobs that we are payed to do.

As for my previous post,i was trying to put across the point that anyone can make up bullsh1t and post on the internet,but without proper facts we are all in the dark.

Companies come and go and Denman is just another satatistic of the way supermarkets treat their contractors.

Just remember,we all will live to fight another day(unless you`ve killed yourself):D

You also were spreading 'rumours'!!!!!

I think you are getting a little worked up over this. Your 'as an employee I don't even know' comment is laughable in the extreme. You obviously have no idea on how these things work.
The first to know are the senior management, then the banks, then the suppliers, then the middle management, then the office staff, then the cleaners and then -possibly- the out of office staff (and only then because of sites/rumours like these!!!)

[WebRam]

Been watching this thread with interest and overall, its been fine. But its fast turning sour so, I will close it for now. Its time for everyone to take stock. Fog of war and all that.