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.
Company engaged in the design, fabrication and installation of a wide range of complex bespoke structural steel products including steel frame structures, secondary steel and platforms and gantries. Offers invited.
LEASEHOLD
Very well established Ltd Co with impressive reputation & client base offering wide range of premium quality trade services from well fitted and equipped serviced office premises in historic city centre. Offers invited.
LEASEHOLD
Long established masonry restoration specialist with impressive reputation and 'blue chip' private & public sector client base operating from extremely well fitted head office premises in excellent commercial location. This is a confidential sale. Of...
LEASEHOLD
|
17
|
|
May
|
Greater Manchester staffing firm acquires security services company | BUSINESS SALE
A security services business headquartered in Newton-le-Will...
|
16
|
|
May
|
Midlothian IT company enters administration with assets up for sale | ADMINISTRATION
An Edinburgh-based IT firm has collapsed into administration...
|
15
|
|
May
|
Logistics recruiters and distributors snaps up Birmingham-based counterpart | BUSINESS SALE
Challenge TRG Group, headquartered in Wigan, has successfull...
Sign up to receive our acquisition alert emails to get your FREE guide
|
05
|
|
Mar
|
Independent bathroom retailer enters administration | ADMINISTRATION
Thought to be the UK’s largest independent bathroom re...
|
21
|
|
Feb
|
Lakeside hotel enters administration | ADMINISTRATION
A historic but well-preserved hotel located on the banks of ...
|
16
|
|
Oct
|
Bloodhound Programme enters administration | ADMINISTRATION
The Bristol-based company that commissioned the project to b...
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