Thu, 30 Apr 2020 | ADMINISTRATION
Glasgow-based Central Building Contractors has gone into administration, after the coronavirus lockdown exacerbated challenging trading conditions in the construction industry.
The family-run company, which employed 159 staff, was established in 1971 and provided construction design, development and maintenance services across Scotland.
Blair Nimmo and Geoffrey Jacobs of KPMG have been appointed as joint administrators and eleven company employees have been retained to assist in the process.
The imposing of coronavirus lockdown saw all projects closed down and the administrators said that the business would not be able to trade in administration, even if the lockdown is lifted soon.
The administrators said they were exploring the possibility of an early sale of the business and some of its assets. Its assets include three freehold properties, several contracts, an order book of work in progress and construction equipment.
Nimmo described the company as having a “rich history” and being well-known and highly-regarded in Scotland. However, he said: "Despite the efforts of the directors, the business faced a range of cash flow challenges in recent times, which were amplified by the recent Covid-19 lockdown.”
"We will be working to support the employees and have already initiated matters with relevant government agencies to ensure the full range of support is available to all those affected."
In the company’s last accounts, for the year ended September 30 2018, it reported turnover of close to £35.9 million, down slightly from £36.2 million in 2017. Gross profit stood at £3.75 million, down from £4.4 million in 2017.
At the time, the company reported fixed assets of £4.3 million and current assets of £18.1 million, up from £13.8 million 2017. Net assets stood at around £8.5 million.
View the latest distressed UK businesses here.
Delivers specialist shop fitting services for pharmacies, offering design, supply, installation and maintenance solutions to meet client specifications and complete projects to a high standard. Works with a number of blue-chip and independent pharmac...
LEASEHOLD
The highway successful business opportunity was established over 60 years ago by our client's family who is now looking to sell the business to simply retire. The fully equipped opportunity will include the extensive range of specialist equipment,...
LEASEHOLD
Provides kitchen and bathroom adaptations including grab rails, non-slip flooring and low-level storage for elderly or disabled clients, alongside standard building services.
LEASEHOLD
16
|
May
|
Manx Financial Group to acquire Payment Assist in potential £9m deal | BUSINESS SALE
Manx Financial Group Plc has announced the acquisition of Pa...
13
|
May
|
Assets set to be sold as modular housing joint venture enters administration | ADMINISTRATION
The US House Group modular housing joint venture has fallen ...
12
|
May
|
Bathroom panel firm acquired for up to 9.1x EBITDA | BUSINESS SALE
Bathroom and kitchen products firm Norcros has agreed a deal...
Sign up to receive our acquisition alert emails to get your FREE guide
10
|
Mar
|
£32m turnover Angus Steakhouse appeals to landlords with administration looming | ADMINISTRATION
London’s popular Angus Steakhouse chain has appealed t...
21
|
Jan
|
ProCook considering sale as it undertakes strategic review | BUSINESS NEWS
Kitchenware retailer ProCook is to undertake a strategic rev...
09
|
Dec
|
Administrators seek buyer for garden machinery firm | ADMINISTRATION
Shropshire-based garden machinery company Oakley’s has...
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