With more than £7.5m development work in the pipeline for 2021, leisure design and build specialist, Createability, is seeking support to save the business and carry on its legacy within the sector.
The company, which has more than 26 years of experience within its field, had been looking forward to a productive 2021, but circumstances beyond its control, including Covid-19, have seen Createability go into administration this week. The core team remain active in progressing current work and supporting existing clients whilst the process continues and a buyer for the company is sought.
Ian Cotgrave, managing director explains: “It is with a heavy heart and great sadness that we have had to put the company into administration. In 2018 one of our developments, First Light Westfield, went into administration owing Createability almost £1m. Despite this set back, Createability paid all its suppliers and subcontractors, but trading through such a significant deficit meant ultimately losses were reported for 2018/2019. When the entire sector was hit by Coronavirus in March this year, development contracts were simply cancelled or deferred, and despite our best efforts to secure interim funding, the losses incurred previously meant we were unable to benefit from the Coronavirus Business Interruption Loan (CBIL).
“Ultimately, we had no option but to put the company into administration, in order to protect the business, its employees and to seek a buyer willing to continue Createability’s great work within the sector. We are extremely proud of Createability’s legacy and confident that a positive outcome is just around the corner.