Thu, 30 Mar 2017 | ADMINISTRATION
Administrators appointed to a collapsed South Wales scaffolding group are seeking a buyer for its contracts and assets, it has been reported.
Construction Enquirer said SHS Group, a scaffolding and cladding specialist operating in the industrial sector, had been struggling with losses for some time. 150 jobs have been lost.
SHS was a beneficiary of £5.4 million in investment from the Business Growth Fund (BGF), which provides long-term capital for fast-growing British companies.
Administrators Deloitte have been appointed to manage SHS Integrated Services Ltd, SHS Cladding Ltd, SHS Integrated Services (Transmission) Ltd and SHS Insulation Ltd.
SHS, established in 1998, had offices in Port Talbot, Barry and Doncaster and worked in the utility, petrochemical and transmission sectors. It counted Balfour Beatty, Costain, McGee and Laing O’Rourke among its clients.
The group’s problems stemmed from poorly-performing contracts in its cladding and heating, ventilation and air-conditioning divisions. Its management was in the process of winding down the insulation business to concentrate on scaffolding and cladding, but they ran into cashflow problems.
Paul Smith, SHS’s founding director, had tried to re-finance or bring about a sale of the business but failed to secure a deal.
The group has now ceased trading. Deloitte are holding talks with potential buyers for its assets and contracts.
A spokesman for the BGF said: "I can confirm that the company has gone into administration. As a minority shareholder we will help in any way we can."
Find SHS Cladding in administration.
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