A Randers-based (Denmark) carpentry company has filed for bankruptcy after five years in business, according to Randers Amtsavis. The company, which employed 18 staff, has sent employees home while the appointed curator, Rasmus Grejsen Lynge, assesses whether operations can continue under new management or be liquidated to repay creditors.
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SP-Service ApS , founded in 2020 by Martin Petersen and Mads Stelter, had shown losses in three of its four published annual accounts. In the 2023/24 financial year, a profit of DKK 881,440 from the previous year turned into a loss of nearly DKK 220,000. Management attributed the downturn to the February 2024 bankruptcy of major contractor Dansk Boligbyg, which halved SP-Service's order backlog. The company chose to retain staff despite reduced workloads.
The annual report noted that after the close of the financial year, SP-Service had "experienced a significant increase in the order backlog," and management had expected a "significantly improved result" in 2024/25. At the end of the reporting year, the balance sheet stood at DKK 2.6 million, with equity of just DKK 98,228 against short-term liabilities of DKK 2.5 million.
Source: www.wood-supply.dk
