Fri, 15 Mar 2019 | ADMINISTRATION
A building services company based in Dorset has been forced into administration, citing a series of trading difficulties as the reason for the business’s struggles.
Wessex Building Services, located in Shaftesbury, was forced to call in business recovery specialists RSM UK to handle the administration process, with partners Alexander Kinninmonth and Richard Brewer appointed as joint administrators on 8 March 2019.
A statement released by RSM UK stated: “Two members of staff have been retained by the administrators in order to assist with the orderly wind down of the business.”
The business, which is a subsidiary of Wessex Group, stated that its parent company as well as the other subsidiaries were unaffected by the administration, and would continue their trading operations as normal.
Recent records, to the year ending February 2019, revealed a turnover for Wessex Building Services of £17.4 million pounds.
Director of Wessex Group, Simon Morgan, commented on the administration, saying: "Wessex Building Services Ltd has experienced some difficult trading conditions over the last 12 months, including a significant loss on a recent construction project and numerous late payments.
"Despite investment in new management and a cash injection of £800,000 by Wessex Group, we have not been able to sustain the business and regrettably have had to file for administration.
"While Wessex Building Services has struggled to operate in the major construction industry, our other group companies, Wessex Fire & Security and Wessex Electricals, incorporating Wessex Property Care, remain successful and are in excellent health."
The administrators are inviting any expressions of interest from potential buyers immediately.
Click here to view the Wessex Building Services Limited listing for full details.
For more news stories about administrations click here. For all our administrations listings, click here.
Offers an extensive range of roofing and building services, ranging from minor works to major, multi-trade construction projects.
A highly profitable business with a lean infrastructure which maximises value from each project. Works with clients in the public, commercial, third and education sectors, carrying out a diverse range of projects, including new builds, refurbishments...
Services offered by the company include building preservation, wall tie replacement, repointing, insulation extraction and replacement, fire protection, and surveying. Operates regionally, working with clients including social housing providers and b...
Acquisitive wealth management firm Fairstone Financial Manag...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources