Tue, 21 Aug 2018 | ADMINISTRATION
Civil engineering firm, GPL Group (Manchester) Limited has gone into administration. A specialist in rail, civil, utility and building sectors, the Manchester firm includes subsidiaries GPL Civil Engineering, Galvac Limited, GPL Utilities Limited, GPL Plant Limited and GPL Special Projects Limited.
Ben Woolrych and Anthony Collier from FRP Advisory LLP have been appointed as joint administrators and are working on future options for the firm.
In a statement released by FRP Advisory, it was stated that: “The business had experienced significant cash flow difficulties in recent months due to ongoing delays with both new and current contracts, which meant the firm had no other option than to enter administration.”
The group’s operations ceased trading on August 15 of this year with the latest results for the year ending March 30, 2017 showing a loss of £1.67 million from a turnover of £25.8 million.
It seems that a dispute between GPL and a major contractor is now the subject of legal proceedings.
Ben Woolrych, partner at FRP Advisory, said: “Continued issues and delays with contracts meant that it became financially unviable for GPL Group to continue trading.
“Our focus now is to find a suitable buyer for the business, while working closely with the directors to ensure that we achieve the best possible outcome for everyone involved.”
With headquarters in Salford, GPL provides a wide range of services and specialises in a number of construction categories.
A distinctive, specialist business advisory firm, FRP Advisory specialises in forensic services, corporate finance, debt advisory, restructuring advisory and pensions advisory.
For more news stories about administrations click here.
For all our administrations listings, click here.
Now on the market is a commercial-only business operating as a main contractor that provides commercial construction works, from shop fitting to local authority planned maintenance and construction. The business operates throughout the South East, Br...
The company specialises in double glazing, door supply and installation, and single-storey extensions, catering primarily to the private sector and domestic customers in the Northwest region. Founded in the 1970s, this glazing specialist boasts a tra...
Established in the 2010s, the company specialises on carpentry contractor services for new build projects on housing developments, additionally specialising in timber frame erecting houses, bungalows, and flat blocks.
25
|
Apr
|
Tile business old to management team by Norcros | MBO/MBI
Johnson Tiles UK, a tile business based in Stoke-on-Trent, h...
25
|
Apr
|
New private equity owner for fleet hire firm | BUSINESS SALE
West Lancashire-based fleet hire business NRG Riverside has ...
24
|
Apr
|
Middlesbrough metal recycling firm acquired from administration | BUSINESS SALE
Cupral Group Limited, a metal recycling business based in Mi...
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
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.