Wed, 30 Oct 2019 | ADMINISTRATION
Lincoln-based building contractor Simons Group has announced that it has gone into administration. Accountant FRP Advisory has been appointed administrator.
FRP Advisory said that some staff will be retained as the business is wound down and attempts are made to transfer the firm’s existing contracts to alternative contractors.
Simons Group ran into problems over its £33 million contract to build the Pebble Hospital in the Midlands, which would be the country’s second biggest hospital upon completion.
Joint administrator Nathan Jones said that: “After a period of challenging trading and contract delays resulted in unsustainable cashflow difficulties, the directors of Simons Group were left with no choice but to enter the business into administration.”
He added that “Our initial focus will now be on working to ensure that any live contracts are transferred across to new contractors with minimal disruption” and that FRP would be “looking to market some elements of the business for sale, and encourage any interested parties to make contract with the administrators without delay.”
In its last financial year, Simons Group made a £704,000 pre-tax profit on turnover of £104.4 million. The company was established in 1944 and has specialised in retail and commercial contract work, with previous clients including the chemist Boots, supermarkets Morrisons and Aldi, Marks & Spencer and fashion retailer Primark.
The group’s construction arm is its biggest business, with turnover in 2018 of £92.5 million while its property development business had revenue of £10.1million. Its design business had an income of £1.8m during the same period.
Company account show that Simons Group employs 182 people, down from 215 employees in its 2017 accounts.
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