Tue, 18 Jun 2019 | ADMINISTRATION
A contractor based in Aldridge, West Midlands has collapsed into administration due to cash flow pressures after failing to successfully refinance.
Shaylor Group, a family-run business that has worked on projects for companies like Ricoh Arena, Rolls-Royce, and Birmingham Airport, was forced to call in insolvency specialists FRP Advisory to handle the administration process, with partners Raj Mittal and Tony Barrell appointed as joint administrators.
In a statement to the public, the administrators said the Group “had experienced severe cash flow pressures in recent weeks following several project delays.
“After unsuccessful attempts to raise additional funding, the directors took the difficult decision to place the company into administration. The business ceased to trade on 14 June 2019.”
Established in 1968, and headquartered in Walsall with an office in London as well, Shaylor Group reported a turnover of £152.7 million in the year ending September 2018 – an increase from the £144.3 million in the 12 months prior. However, reports also revealed that pre-tax profits fell from £4.8 million to £2.4 million in the same period of time.
More recently, the Group has also supported development projects like the British Transport Police’s headquarters, the University of Warwick Business School, Paddington Station and easyHotel.
However, in light of the insolvency, the administrators are engaging with the company’s clients to discuss the transfer of sites, and how to support the employees through the administration period.
Mittal further added: “Despite the efforts of directors, the financial issues facing the company were not able to be resolved and resulted in the decision to place the business into administration.
“We will also be working closely with clients to ensure the smooth transfer of sites.”
For more news stories about administrations click here. For all our administrations listings, click here.
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