Building contractor Simons goes into administration

Wed, 30 Oct 2019 | ADMINISTRATION



Lincoln-based building contractor Simons Group has announced that it has gone into administration. Accountant FRP Advisory has been appointed administrator.

FRP Advisory said that some staff will be retained as the business is wound down and attempts are made to transfer the firm’s existing contracts to alternative contractors.

Simons Group ran into problems over its £33 million contract to build the Pebble Hospital in the Midlands, which would be the country’s second biggest hospital upon completion.

Joint administrator Nathan Jones said that: “After a period of challenging trading and contract delays resulted in unsustainable cashflow difficulties, the directors of Simons Group were left with no choice but to enter the business into administration.”

He added that “Our initial focus will now be on working to ensure that any live contracts are transferred across to new contractors with minimal disruption” and that FRP would be “looking to market some elements of the business for sale and encourage any interested parties to make contract with the administrators without delay.”

In its last financial year, Simons Group made a £704,000 pre-tax profit on turnover of £104.4 million. The company was established in 1944 and has specialised in retail and commercial contract work, with previous clients including the chemist Boots, supermarkets Morrisons and Aldi, Marks & Spencer and fashion retailer Primark.

The group’s construction arm is its biggest business, with turnover in 2018 of £92.5 million while its property development business had revenue of £10.1million. Its design business had an income of £1.8m during the same period.

Company account show that Simons Group employs 182 people, down from 215 employees in its 2017 accounts.


Share this article



Latest Businesses for Sale

Construction Company
Leeds, West Yorkshire, Yorkshire and the Humber, UK

Highly profitable Family Run Business, that has been in the same hands for over 20 years. Operating out of Leasehold premises the business is easily relocatable, many of the subcontractor workforce has been working with the company for many years. Of...

Asking Price: £1,900,000
Turnover: £1,709,427

LEASEHOLD


Buildings & Facilities Management Business
UK Wide

Highly accredited buildings and facilities management business: 95% repeat business from longstanding, secure contracts with blue chip, London-based clients. Significant room for growth: from an existing client base that is displaying increasing dema...

Asking Price: Offers Invited
Turnover: £576,000

Concrete Supply Business
Wymondham, Norfolk, UK Wide

Mobile Concrete Supplies, a family run business that was established in 1980. Our client is now looking to sell due to health reasons. Working with trade and private customers throughout Norfolk, delivering and pouring ready mixed concrete. Their man...

Asking Price: £750,000
Turnover: £2,458,654

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
21
 
Nov
 

Buyer sought as North East contractor enters administration | ADMINISTRATION

A buyer is being sought for Pro-Fix Installations after the ...

 
20
 
Nov
 

Swindon waste-to-gas plant construction to resume after administration | ADMINISTRATION

An unfinished waste-to-gas facility in Swindon has secured &...

 
19
 
Nov
 

UK government set to approve Cobham takeover | BUSINESS SALE

The British government is poised to approve the $5 billion t...

Free guide: 10 Biggest Buyer Mistakes

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

Email


Related News

 
22
 
Aug
 

Welsh technology firm plunges into administration | ADMINISTRATION

Thought to be one of the country’s leading ICT supplie...

 
17
 
Jul
 

Preston caravan manufacturer seeks buyer following administration | ADMINISTRATION

A caravan manufacturing business in Preston is on the lookou...

 
18
 
Jun
 

Administrators called in for West Midlands contractor | ADMINISTRATION

A contractor based in Aldridge, West Midlands has collapsed ...

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