Stonewest Ltd, one of the country’s leading building restoration, conservation and stonemasonry companies, has been sold out of Administration to a company run by its previous Directors, safeguarding the jobs of its 128 employees.
Stonewest Ltd, based in Croydon, Surrey, went into Administration on 19 September and was bought by Rattee & Kett Conservation Ltd, incorporated in January 2010, less than a week later.
The Directors of Rattee & Kett Conservation Ltd are Kevin Reuter and David Marshall, who were also Directors of Stonewest. Graham Bright, the Company Secretary of Stonewest, is the Company Secretary of Rattee & Kett Conservation.
Two other companies in the group, Rattee & Kett Ltd and St Blaise Ltd, went into Administration on 15 September with the loss of more than 60 jobs. St Blaise was bought in 2003 and Rattee & Kett in 2006. Nick Wilson was Managing Director of them. They were not bought by Rattee & Kett Conservation.
The latest accounts filed for Stonewest Ltd (up to 31 May last year) show a pre-tax loss of £393,722 on a turnover of £12.5million (down from £18.6million the year before). Stonewest Capital Ltd, the parent company (which is not in Administration), reported a loss of £334,814 on a turnover of £20.8million (£27.6million in 2008/09). The losses were attributed to the provision of specific bad debts.
Established in the 1950s, over the years Stonewest gained a reputation for excellence reinforced by the many awards it won – in the 2010 Natural Stone Awards it was Highly Commended for work at the Royal Hospital Chelsea and Commended for landscaping at St Martin-in-the-Fields.
Stonewest has helped to create landmark buildings and restore, conserve and repair some of the country’s most important historic structures, including St Paul’s Cathedral and St Pancras International railway station.
Its reputation was built on its highly skilled workforce and for many years it has been at the forefront of training within the stone industry, ensuring the significant skills within the company have been passed on to future generations through its apprenticeship scheme.
Matthew Wild of Administrators Baker Tilly Restructuring & Recovery, told NSS: “The Company has an excellent reputation and we are delighted that the transaction provides the opportunity for it to continue to trade and build upon that reputation for years to come.”