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."
View the latest distressed UK businesses here.
A specialist medical market research company that uses both quantitative and qualitative research techniques, alongside possessing an enviable respondent network.
RELOCATABLE
A successful architectural practice operating for over eight years. Offers a complete architectural solution, managing a variety of commercial projects and overseeing RIBA work stages 1 through to 7.
LEASEHOLD
The company specialises in the provision of reliable cleaning services, ensuring that standards of hygiene and cleanliness are maintained to an exceptionally high level.
LEASEHOLD
|
22
|
|
Oct
|
96,000 sq. ft. Aberdeen office block up for sale for £19.5m | COMMERCIAL PROPERTY
Real estate and investment manager APAM Ltd has put the 96,0...
|
21
|
|
Oct
|
Firm behind unfinished £45m Liverpool student accommodation project collapses | ADMINISTRATION
Mount Group Student NatEx Ltd, the company behind the £...
|
21
|
|
Oct
|
Food importer acquired out of administration after succumbing to COVID and Brexit | BUSINESS SALE
Hull-based dried fruit and nuts importer Hider Foods has bee...
Sign up to receive our acquisition alert emails to get your FREE guide
|
07
|
|
Oct
|
Cleveland Bridge assets to go to auction next month | COMMERCIAL PROPERTY
It has been confirmed that an auction of the property and as...
|
10
|
|
Sep
|
Cleveland Bridge property and assets to head to auction as search for a buyer fails | ADMINISTRATION
Administrators for structural engineering firm Cleveland Bri...
|
08
|
|
Sep
|
Assets for sale as Scottish wind turbine firm enters administration | ADMINISTRATION
Scottish wind turbine manufacturer CS Wind (UK) has fallen i...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources