Fri, 09 Sep 2022 | ADMINISTRATION
National roofing services provider Avonside Group has fallen into administration, with administrators from Begbies Traynor in the process of selling parts of the business. The group, which is based in Greater Manchester, fell into administration after being unable to secure the funding it required to continue trading.
Kirstie Provan and Gary Shankland of Begbies Traynor have been appointed as joint administrators to the group and several subsidiaries. A spokesperson for Begbies Traynor said in a statement: "The group experienced a period of disrupted trading during the pandemic which, alongside margin squeeze, the impact of underperforming divisions and financial reporting issues, resulted in a requirement for extended working capital facilities.”
"Despite extensive efforts from the management team, shareholders and advisers, the group has been unable to secure the necessary funding from existing stakeholders, or third parties, to effect the required turnaround and enable continuation of trade in the current form."
The company, which has 39 UK branches, operated from three divisions: Avonside Roofing; Avonside Energy and Avonside Plumbing. The joint administrators have managed to secure the sale of nine Avonside Roofing branches via an accelerated sale process. The branches have been sold to an industry buyer and will continue as a going concern.
The joint administrators also remain in talks to sell the remaining branches of the group’s energy division, with the spokesperson saying: "The group's Energy Division continues to operate out of its seven branches whilst negotiations continue to sell this division solvently. Negotiations are advanced and it is hoped that these will be concluded successfully over the next 24 hours."
However, the joint administrators have been unable to find buyers for the remaining branches within the roofing and plumbing divisions, with these sites expected to close imminently.
Read more about the factors affecting the UK construction sector.
Click here to view the UK's latest distressed businesses.
View recent UK administrations.
This is a unique opportunity to acquire a well-established and rapidly growing UK-wide Head Franchisor supporting a network of both Master & Single Franchisees operating in the property care sector. The company serves a wide & diverse client base, in...
A highly rated fencing solutions business located in Leeds, and specialising in the supply and installation of security fencing, barriers and automation systems. They provide a comprehensive turn-key services, including complimentary site surveys, te...
The business is well respected within the industry, having over 60 years’ experience spanning over three generations of the same family, only now has the business been introduced to the market for sale as our clients look to take a well-earned break...
29
|
Jan
|
Palletower racks up another M&A deal with Yorkshire buy | BUSINESS SALE
Greater Manchester-based Palletower has made its fifth acqui...
29
|
Jan
|
MediMatch is supported by QPE in management buy-out | MBO/MBI
Digitised dental laboratory MediMatch has undergone a manage...
29
|
Jan
|
Streets continues on growth path with Hackett acquisition | MERGER
Lincoln-headquartered Streets Chartered Accountants has cont...
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
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.