Fri, 03 Sep 2021 | ADMINISTRATION
Genlec Electrical Contractors, a mechanical and electrical (M&E) firm based in Leigh, Lancashire, has fallen into administration. The business was said to have experienced financial difficulties which meant it was unable to meet its obligations.
The company provided M&E solutions in a variety of different sectors, including office space, retail, logistics and education. The firm had also worked on numerous high-profile jobs in the north of England for its main contractor, Morgan Sindall.
In its most recent set of accounts available at Companies House, covering the year to December 31 2019, the company reported holding fixed assets of £41,329, with current assets amounting to £3.45 million.
At the time, the company owed £2.4 million to creditors within one year and £550,000 to creditors due after more than one year. This left the business with total equity of £473,380, down from close to £3 million a year earlier.
The business had been pursuing a growth strategy prior to the onset of the COVID-19 pandemic, as it looked to take on larger and more complex contracts. However, after running into financial troubles, the business was forced to appoint administrators from FRP Advisory.
The joint administrators will now proceed with an orderly wind down of Genlec. All 18 of the firm’s employees have been made redundant and administrators have said they will support those affected in making claims to the Redundancy Payments Service.
The administration comes amid a challenging time for firms in the UK’s construction sector, many of which are being impacted by factors relating to COVID-19 and Brexit. It has been forecast that administrations and insolvencies may increase over the coming months as government COVID-19 support is withdrawn.
View the latest distressed UK businesses here.
The company is a leading national B2B contract flooring specialist based in the South West, providing flooring solutions to the public, commercial and residential sectors.
Opportunity to acquire a reputable provider of construction services as a Main Contractor and Sub-Contractor - London Based The company specialises in the provision of construction services for clients based in London and the surrounding, predomi...
This independently owned Scaffolding Contractor was formed in 2007. Managed by 2 directors and a small management team, it has more than 45 years of management experience in the Industry. The business provides scaffolding contract services across the...
LEASEHOLD
|
23
|
|
Sep
|
E-commerce software firm acquired at 11.5x EBITDA | BUSINESS SALE
Grafenia Plc, a listed business that operates a buy-and-buil...
|
22
|
|
Sep
|
August sees highest number of UK insolvencies this year | BUSINESS NEWS
A new analysis by risk and financial advisory firm Kroll has...
|
21
|
|
Sep
|
Welsh life sciences firm set to be acquired by US biopharmaceutical company | BUSINESS SALE
Welsh life sciences firm Diurnal is set to be acquired by US...
Sign up to receive our acquisition alert emails to get your FREE guide
|
07
|
|
Oct
|
Cleveland Bridge assets to go to auction next month | COMMERCIAL PROPERTY
It has been confirmed that an auction of the property and as...
|
10
|
|
Sep
|
Cleveland Bridge property and assets to head to auction as search for a buyer fails | ADMINISTRATION
Administrators for structural engineering firm Cleveland Bri...
|
08
|
|
Sep
|
Assets for sale as Scottish wind turbine firm enters administration | ADMINISTRATION
Scottish wind turbine manufacturer CS Wind (UK) has fallen i...
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