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.
Provides comprehensive design, construction and after sales services for public- and private sector clients across a range of markets, specialising in residential projects Clients include housing associations, local authorities and commercial develop...
LEASEHOLD
Established in 1990 and purchased by the current owner in 2005. The business is recognised locally and within the region as one of the leading installers and suppliers of uPVC windows, doors, conservatories and orangeries. They are the largest stocki...
LEASEHOLD
Established over 20 years and based in the South East. Provides a broad range of services, including grab, plant and van hire, construction services, plumbing and drainage, brickwork, carpentry, painting and decorating, groundworks, fabrication and a...
LEASEHOLD
|
28
|
|
Jan
|
Fairstone completes double acquisition | BUSINESS SALE
Tyne and Wear-based consolidator Fairstone Financial Managem...
|
27
|
|
Jan
|
Amigo founder puts company up for sale | BUSINESS SALE
Amigo founder James Benamor has put the subprime lender up f...
|
24
|
|
Jan
|
Hawkin’s Bazaar enters administration | ADMINISTRATION
Norwich-based novelty toy retailer Hawkin’s Bazaar has...
Sign up to receive our acquisition alert emails to get your FREE guide
|
22
|
|
Aug
|
Welsh technology firm plunges into administration | ADMINISTRATION
Thought to be one of the country’s leading ICT supplie...
|
17
|
|
Jul
|
Preston caravan manufacturer seeks buyer following administration | ADMINISTRATION
A caravan manufacturing business in Preston is on the lookou...
|
10
|
|
Jun
|
Historic Hull electrical engineering firm enters administration | ADMINISTRATION
An electrical engineering company, founded by William Shuttl...
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