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Mon October 26 2020

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Archial in administration following HMRC winding-up petition

23 Sep 10 Quoted architect Archial has called in the administrators after HM Revenue & Customs filed winding up petitions against the firm and some of its subsidiaries.

Quoted architect Archial has called in the administrators after HM Revenue & Customs filed winding up petitions against the firm and some of its subsidiaries.

The architect had been in talks with HMRC about its tax position, and tried to persuade the Revenue to withdraw the petitions.

However, it said HMRC was not interested in the payment terms offered.

David Chubb and Graham Frost of PricewaterhouseCoopers, who were appointed joint administrators, said they plan to sell the business as a going concern as quickly as possible.

Shares in Archial were suspended at 1.5p on 17 September, having peaked at 189p in 2007.

The architect became listed in 2005, and expanded rapidly, reaching a turnover of £42.6m in 2008. But last year, its revenue shrank to £33.9m.

It operates out of 17 UK offices and five in Asia.

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