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.
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