Fri, 16 Apr 2010 | ADMINISTRATION
Steel contractor, Bone Group Ltd, has fallen into receivership and Blair Nimmo and Gary Fraser of KPMG have been named joint receivers.
The Lanarkshire firm has been forced to make 113 redundancies after suffering from a fall in the demand for its services from the struggling construction industry.
Nimmo and Fraser stated that the firm experienced a 50 per cent drop in trade, which left it with serious cashflow pressures. As a result, all staff working at its London and Leeds offices have lost their jobs.
The KPMG receivers are now seeking offers for the company. They coupled the invite with the following statement: “The Bone Group Ltd has a very strong reputation in the market, and has a history dating back more than 70 years.” They continued, "Only ten years ago the company moved to a purpose-built fabrication facility but unfortunately, due to the economic climate, experienced significant trading losses and cashflow pressures."
The firm had announced £8 million of new business at the beginning of this year and has held several high-profile contracts including for the construction of large football stadiums. It is likely to make an attractive prospect for a buyer.
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