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Extentia Group to call in administrators to fit-out specialists Styles & Wood

It has been announced that Extentia Group have taken the decision to appoint administrators to North West based fitout specialists Styles & Wood, resulting in immediate cease of trading.

27/02/2020

1 min read

Styles & Wood were working on Hyphen, a 52,000 sq ft office in Manchester, set to be occupied by WeWork.

It has been announced that Extentia Group have taken the decision to appoint administrators to North West based fitout specialists Styles & Wood, resulting in immediate cease of trading.

Craig Eastwood, chief executive of Extentia Group, said: “By nature, this type of work is complex with high revenues and low margins; a situation inherited by Extentia Group’s new leadership team who succeeded predecessors at the end of November 2019.

“Unfortunately, these cashflow issues have become too significant for Styles & Wood to sustain, and so the difficult but correct and responsible decision has been made to file an intention to appoint administrators and discontinue all programme management activities.

“Our focus now is to work with our stakeholders and advisers to explore options for the Styles & Wood businesses, making it a priority to protect the interests of our colleagues and those employed within connected Styles & Wood divisions.”

The firm was taken private in March 2018 and bought for £42.5million by Central Square Holdings, becoming a leading part of Extentia Group. CEO Tony Lenehan and CFO Phil Lanigan left the business in late 2019.

Extentia Group is made up of 11 businesses, including SpaceInvader and furniture supplier Ralph Capper.

‘Overall trading conditions within Extentia Group are positive, with strong year on year growth across the majority of businesses, and each having solid forward pipelines. These include Extentia’s furniture, fixtures and equipment businesses Southerns, Broadstock and Ralph Capper, together with Extentia’s professional services entities which include Space Invader Design, Keysource, GDM and Concourse Facilities Management,’ added Craig.

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