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.
Leading interior fit-out specialist, delivering turnkey design-to-implementation services to a prestigious corporate client base. Offers invited.
Widespread client base of leading main contractors, fit-out contractors, developers, end-users and private individuals. Strong regional presence and ability to service clients national. Offers invited.
Scaffolding contractors providing a full scaffolding service including design, erection, management and dismantling. Employs a highly-skilled and accredited workforce with years of industry expertise operating in the petrochemical, gas & waste-to-ene...
|
13
|
|
Sep
|
AFH Financial Group acquires two firms for £7.2 million | BUSINESS SALE
AFH Financial Group, a listed wealth management firm headqua...
|
12
|
|
Sep
|
Lucid Group completes acquisition of North West-based healthcare consultancy | BUSINESS SALE
Healthcare communication specialists, Lucid Group, has succe...
|
11
|
|
Sep
|
Controversial green energy firm goes bust and forced to appoint administrators | ADMINISTRATION
A small energy supplier providing green energy to 29,000 hou...
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