Tue, 16 Aug 2011 | ADMINISTRATION
Britspace Modular Buildings Ltd., the East Riding-based company that specialises in manufacturing modular buildings and bathroom pods, has entered administration as it had "simply run out of money".
Administrators from FRP Advisory are hopeful of finding a buyer for the company and are continuing to trade the company as normal in the meantime. FRP's David Thornhill explained that the company had been placed into administration in order to protect the business while the search is carried out for a new owner.
"Currently no redundancies have been made and [Britspace] continues to trade as a going concern," he said. "We are working hard with Britspace's management team to find a buyer for the business, and are hopeful it will attract a number of interested parties."
He added that they were assessing which contracts the company is still able to work on and there have been no redundancies yet - although he added that “It may be that redundancies are unavoidable." Britspace currently has contracts to supply bathroom pods for a number of public sector organisations, including schools, hotels and hospitals. It was founded in 1972 and employs some 200 people at its headquarters at Gilberdyke, near Howden.
Local MP David Davis said that he was encouraged by the administrators' optimism on the matter, but added that "It's fingers crossed time."
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