M&E specialist goes into administration

Wed, 03 Jan 2018 | ADMINISTRATION

MVS Group, the mechanical and engineering specialist, have appointed administrators just seven months after the company tried to expand into the North West by opening a Manchester office.

The West Midlands-headquartered business saw its mechanical services arm go into administration on December 15th last year and, this year, the parent group has followed suit when Duff and Phelps were appointed as administrators on 21 December.

According to their most recent accounts, the company suffered from a delayed start to three major contracts which ended up costing them around £3.5m in lost profits and sales.

Overall, the company reported a turnover of £16m and a pre-tax profit of £824,000 for the year. It also owed its creditors £1.7m, and reported cash at bank and in hand of £190,000.

MVS Group also reported an order book of £26.6m for its 2017/18 financial year, and expected its turnover to rise above £25m. The business also said they hoped to be able to complete "at least one" acquisition over the next financial year, but unfortunately these optimistic hopes never came into fruition.

The majority of the group’s 38 staff have been made redundant following the group’s collapse.


Share this article



Latest Businesses for Sale

Ship Repair Company - Acquisition Opportunity
Essex, UK Wide

Our client has a long heritage in the commercial and military ship repair industry, during which time it has established a reputation for fast delivery and quality service provision. Offers invited.

Asking Price: Offers Invited
Turnover: £14,635,000

Engineering Company
East Midlands, UK

Specialises in the design and manufacture of bespoke, high-quality and high-performance products, boasting an extensive range of specialist services, such as design and manufacture, sheet metalwork, steel fabrication and welding and CNC and conventio...

Asking Price: Offers Invited
Turnover: £3,000,000

LEASEHOLD


Civil Engineering Services & Hire Equipment for the Rail Industry
UK Wide

Operates nationally, providing services for a diverse range of prestigious, blue-chip organisations. Offers invited.

Asking Price: Offers Invited
Turnover: £2,570,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
22
 
Mar
 

Scunthorpe nightclub up for sale | BUSINESS SALE

A former nightclub based in Scunthorpe has been put up for s...

 
21
 
Mar
 

Kent Logistics provider completes a successful acquisition | BUSINESS SALE

A Kent-based personalised logistics provider, backed by Livi...

 
20
 
Mar
 

Warrington construction company enters administration | ADMINISTRATION

A prominent construction business headquartered in Orford Gr...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
22
 
Mar
 

Scunthorpe nightclub up for sale | BUSINESS SALE

A former nightclub based in Scunthorpe has been put up for s...

 
21
 
Mar
 

Kent Logistics provider completes a successful acquisition | BUSINESS SALE

A Kent-based personalised logistics provider, backed by Livi...

 
20
 
Mar
 

Warrington construction company enters administration | ADMINISTRATION

A prominent construction business headquartered in Orford Gr...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources