Wed, 26 Oct 2011 | ADMINISTRATION
Administrators have been called into South Yorkshire-based steelwork fabrication firm JGP Engineering.
Daniel and Simon Plant from insolvency company SFP were appointed on 18 October. The business has ceased to trade and the remaining 18 employees have been made redundant.
A spokeswoman reportedly said earlier on this week that the administrators hoped to sell the business, which made and installed balconies, staircases, gates, fencing and portal frame buildings for contractors including Bam Construct, Shepherd Homes, GB Building Solutions and Inspace.
Problems with finances have been attributed to the firm’s demise. It had debts of £800,000.
Administrator Mr Plant explained, “Despite working with a number of significant customers JGP had substantial cashflow issues which it was unable to overcome. The company has subsequently ceased trading.”
Founded in 1997, the firm had 50 staff at its peak and was at one time the largest supplier of balconies in Britain. It had revenues of around £1.5 million.
Rapid growth of modern city centre flat complexes helped the firm to expand. The continued slowdown in the housing market, and the knock on effect for new build developers, has since hit JGP Engineering hard.
An established, award-winning care home with nursing, that is located in a popular East Midlands town and has come to market for the first time so that our client can retire.
For sale a lucrative portfolio of residential care homes conveniently clustered in the Northwest of England, offering residential and dementia care.
A profitable care home with nursing located in an East Midlands town. Well-presented and extended accommodation with 57% of the ground floor bedrooms being ensuite.
03
|
May
|
Three Aberdeen legal firms merge to form all-service provider | MERGER
Three prominent Aberdeen legal businesses have merged to for...
03
|
May
|
BGF-backed asbestos services firm makes third acquisition | BUSINESS SALE
Environmental Essentials, a specialist asbestos services fir...
03
|
May
|
Logistics firm acquires pair of Derbyshire businesses | BUSINESS SALE
A logistics firm headquartered in Preston has acquired a pai...
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.