Wed, 26 Oct 2011 | ADMINISTRATION
Administrators have been called into South Yorkshire-based steelwork fabrication firm JGP Engineering.
Daniel and Simon Plant from insolvency company SFP were appointed on 18 October. The business has ceased to trade and the remaining 18 employees have been made redundant.
A spokeswoman reportedly said earlier on this week that the administrators hoped to sell the business, which made and installed balconies, staircases, gates, fencing and portal frame buildings for contractors including Bam Construct, Shepherd Homes, GB Building Solutions and Inspace.
Problems with finances have been attributed to the firm’s demise. It had debts of £800,000.
Administrator Mr Plant explained, “Despite working with a number of significant customers JGP had substantial cashflow issues which it was unable to overcome. The company has subsequently ceased trading.”
Founded in 1997, the firm had 50 staff at its peak and was at one time the largest supplier of balconies in Britain. It had revenues of around £1.5 million.
Rapid growth of modern city centre flat complexes helped the firm to expand. The continued slowdown in the housing market, and the knock on effect for new build developers, has since hit JGP Engineering hard.
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