Tue, 29 Dec 2020 | ADMINISTRATION
Goodwin’s Construction Services Group has announced that it has fallen into administration as a result of cash flow issues.
According to the company, its financial problems stemmed from a contract dispute in 2019 but have been exacerbated by the strains of the COVID-19 pandemic.
The Manchester-based firm has appointed FRP Advisory as administrators to handle its assets and debts, including around £2.9 million which is owed to creditors.
According to the administrators, the firm will realise £360,000 from the sale of assets, the recovery of inter-company debts and the repayment of the director’s loan account.
The firm had received a loan of £700,000 at the end of June to help it stay afloat, but it was unable to secure the additional £650,000 it required to continue trading successfully.
Commenting on the firm’s financial problems, Goodwin’s director Richard Goodwin added: “Due to the continuing effects on the market due to COVID-19, the company suffered cashflow difficulties in excess of those initially anticipated when the CBILS loan was requested.”
The company is a subsidiary of Goodwin Construction Group Holdings, which is owned by the Goodwin Group. Neither of these firms have been impacted by the administration.
View the latest distressed UK businesses here.
Supplies and installs cost-effective, lightweight and insulated conservatory roof conversions, creating year-round, useable spaces for customers throughout the North West. Works closely with customers to ensure all services meet specific requirements...
LEASEHOLD
Provides a comprehensive range of specialist scaffolding services, investing in new equipment and innovative technologies to strengthen and streamline operations. Holds a significant volume of scaffolding materials and a fleet of modern vehicles, wit...
LEASEHOLD
On instructions of the Company, an excellent opportunity exists to purchase this long-established specialist building contractor specialising in roofing, guttering, upvc cladding, fascias, etc on domestic and commercial properties.
LEASEHOLD
|
09
|
|
Apr
|
Topshop flagship store up for sale | COMMERCIAL PROPERTY
Topshop's flagship Oxford Street store in London is dra...
|
09
|
|
Apr
|
Gestamp’s former Washington warehouse hits the market in £6.5m auction | COMMERCIAL PROPERTY
The former Washington base of international car parts manufa...
|
08
|
|
Apr
|
Decorating contractor targets acquisitions after MBO | MBO/MBI
Scottish commercial decorating contractor Bell Group has com...
Sign up to receive our acquisition alert emails to get your FREE guide
|
09
|
|
Apr
|
Gestamp’s former Washington warehouse hits the market in £6.5m auction | COMMERCIAL PROPERTY
The former Washington base of international car parts manufa...
|
09
|
|
Apr
|
Topshop flagship store up for sale | COMMERCIAL PROPERTY
Topshop's flagship Oxford Street store in London is dra...
|
08
|
|
Apr
|
Decorating contractor targets acquisitions after MBO | MBO/MBI
Scottish commercial decorating contractor Bell Group has com...
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