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.
Successful business operating for over 36 years. Primarily offers comprehensive grounds maintenance services to property management providers throughout the region.
RELOCATABLE
Established construction consultancy, employers agent and quantity surveyor business. With combined experience of over 100 years in the industry, the directors have built a successful consulting business, providing a commercial and professional servi...
Experience of providing speciality recreation rooms for care homes, including themed pubs, hairdressing salons and indoor beaches. Circa 16 current clients in the care home and hospitality sectors, 75% of whom provide reliable, repeat business. Stron...
LEASEHOLD
|
18
|
|
Sep
|
Crane hire business acquired in seven-figure deal | BUSINESS SALE
Liverpool-headquartered A Mini Crane Hire has been acquired ...
|
17
|
|
Sep
|
Scottish accountancy firm expands with two new acquisitions | BUSINESS SALE
Scottish accountancy firm Goldwells has expanded with the ac...
|
16
|
|
Sep
|
Plymouth window manufacturer rescued in buy-out | BUSINESS SALE
A Plymouth window manufacturing business that formed part of...
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