Mon, 04 Feb 2013 | ADMINISTRATION
A construction company based in Mansfield has entered administration, it has been confirmed.
Herbert Baggaley Construction called in administrators from KPMG on Friday (1 February) just months after the company moved the ownership of a significant shareholding in the business to its directors and employees.
The restructuring saw the Baggaley family take a step away from the management of the business.
Joint administrator and restructuring director with KPMG, Chris Pole, commented: “Unfortunately the business has been under financial stress for some time due to a number of loss-making contracts and the continuing difficulties experienced in the construction sector.
"Despite a management buyout last year and efforts to restructure and refinance, this difficult position has been compounded by ongoing losses and unsustainable cash flow pressure. The directors were left with no option but to seek the appointment of administrators.”
He added that the group is now “rapidly ... assessing the options for this well-known business”.
The company was founded more than 100 years ago and has over 100 employees on its books. At the moment, it is unclear what will happen to these positions, although jobs could be saved if a quick business sale is secured.
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