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.
The company was originally founded in 2017 to provide domestic and commercial heating and electrical services in the Essex, East London and surrounding area.
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