Mon, 09 Dec 2019 | ADMINISTRATION
Scunthorpe-based Clugston Group and Clugston Construction have gone into administration, appointing KPMG. James Clark and Chris Pole from KPMG’s restructuring division will act as joint administrators.
The group’s finances from January 2018 showed 49 per cent year on year growth and a turnover of £176 million, with the construction arm having a turnover of £158 million. However, those accounts also showed the group making a pre-tax loss of £469,000, while Clugston Construction had an operating loss of £529,000.
Clugston Group operates from over 25 sites, largely across the North and Midlands, with different divisions focused on construction, civil engineering, logistics, property development and facilities management. Clugston Distribution Services Limited and Clugston Estates Limited are not affected by the administration and will continue to trade.
The company employs 412 staff, 150 of whom have now been redundant with the remaining 262 retained to assist in the administration process.
The group had recently generated growth through its joint-venture with French firm CNIM, which saw the company engage in high-value contracts building waste-to-energy plants.
Clugston Group CEO Bob Vickers left the company in June of this year and was replaced on an interim basis by corporate rescue specialist Glynn Thomas.
In a statement, KPMG said: "The joint administrators will continue to trade certain divisions and are seeking to sell valuable contracts, with 262 members of staff retained to assist with this. Any interested parties should get in touch with KPMG as soon as possible."
Joint-administrator James Clark added: "Our focus over the coming days will be to seek buyers for the contracts and divisions and to liaise with those employees who have been made redundant, ensuring they are provided with the support and information they need to claim their statutory entitlements from the Redundancy Payments Office."
A full functioning, well established construction business, specialising in full design & working alongside property developers.
LEASEHOLD
The company offers an extensive selection of high-quality building products from several leading manufacturers, operating as a one-stop shop for all of its clients’ construction requirements and priding itself on delivering an exceptional standard of...
LEASEHOLD
The company specialises in designing and constructing bespoke modular data centres projects, along with containerised data centres, as well as offering maintenance contracts, repairs, auxiliary sales including general product upgrades, data room clea...
|
07
|
|
Oct
|
Staffordshire tyre firm acquired by Halfords at 16.1x profits | BUSINESS SALE
Staffordshire-based commercial tyre firm The Lodge Tyre Comp...
|
06
|
|
Oct
|
Administrators continue to explore sale of paper group subsidiaries | ADMINISTRATION
Administrators are continuing to explore a sale of the busin...
|
05
|
|
Oct
|
Vertu Motors plans further acquisitions after solid H1 performance | BUSINESS NEWS
Car retailer Vertu Motors has said that it is planning furth...
Sign up to receive our acquisition alert emails to get your FREE guide
|
10
|
|
Mar
|
£32m turnover Angus Steakhouse appeals to landlords with administration looming | ADMINISTRATION
London’s popular Angus Steakhouse chain has appealed t...
|
21
|
|
Jan
|
ProCook considering sale as it undertakes strategic review | BUSINESS NEWS
Kitchenware retailer ProCook is to undertake a strategic rev...
|
09
|
|
Dec
|
Administrators seek buyer for garden machinery firm | ADMINISTRATION
Shropshire-based garden machinery company Oakley’s has...
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