Thu, 15 Apr 2021 | ADMINISTRATION
A Nottingham-based gas cylinder company has announced that it has collapsed into administration as a result of financial strains caused by the COVID-19 pandemic. Administrators from specialist business advisory firm FRP will now seek a buyer for the business.
Gas Container Services Limited, which is based across two sites in the Colwick Industrial Estate in Nottingham, provides a range of products and services for the testing, filling, refurbishment, storage and transportation of gas cylinders.
They confirmed that the firm has been experiencing significant financial difficulties as a result of the COVID-19 pandemic. According to Gas Cylinder Services, this is largely due to the reduction in demand from customers across the hospitality sector due to ongoing COVID-19 restrictions.
John Lowe and Philip Pierce, partners at FRP, have been appointed joint administrators of the company. Commenting on the announcement, Mr Lowe said "The COVID-19 pandemic has had a significant impact on businesses across the UK. The closure of hospitality firms throughout the pandemic has put substantial pressures on those in the supply chain, including Gas Container Services."
He added: "We are now looking for potential buyers of the business as it has been unable to meet its financial obligations and has become insolvent. Our focus now remains on continuing efficient communication with creditors as part of our statutory duties while working with the staff to help them access the appropriate redundancy support."
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