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.
Highly profitable Family Run Business, that has been in the same hands for over 20 years. Operating out of Leasehold premises the business is easily relocatable, many of the subcontractor workforce has been working with the company for many years. Of...
LEASEHOLD
Highly accredited buildings and facilities management business: 95% repeat business from longstanding, secure contracts with blue chip, London-based clients. Significant room for growth: from an existing client base that is displaying increasing dema...
Mobile Concrete Supplies, a family run business that was established in 1980. Our client is now looking to sell due to health reasons. Working with trade and private customers throughout Norfolk, delivering and pouring ready mixed concrete. Their man...
LEASEHOLD
|
19
|
|
Nov
|
UK government set to approve Cobham takeover | BUSINESS SALE
The British government is poised to approve the $5 billion t...
|
18
|
|
Nov
|
Kitwave acquires Alpine Fine Foods | BUSINESS SALE
Independent wholesaler Kitwave has acquired Alpine Fine Food...
|
15
|
|
Nov
|
Carpetright agrees to shareholder takeover deal | BUSINESS SALE
Carpetright has agreed a deal to be taken over by its larges...
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