Central Building Contractors goes into administration

Thu, 30 Apr 2020 | ADMINISTRATION



Glasgow-based Central Building Contractors has gone into administration, after the coronavirus lockdown exacerbated challenging trading conditions in the construction industry.

The family-run company, which employed 159 staff, was established in 1971 and provided construction design, development and maintenance services across Scotland.

Blair Nimmo and Geoffrey Jacobs of KPMG have been appointed as joint administrators and eleven company employees have been retained to assist in the process.

The imposing of coronavirus lockdown saw all projects closed down and the administrators said that the business would not be able to trade in administration, even if the lockdown is lifted soon.

The administrators said they were exploring the possibility of an early sale of the business and some of its assets. Its assets include three freehold properties, several contracts, an order book of work in progress and construction equipment.

Nimmo described the company as having a “rich history” and being well-known and highly-regarded in Scotland. However, he said: "Despite the efforts of the directors, the business faced a range of cash flow challenges in recent times, which were amplified by the recent Covid-19 lockdown.”

"We will be working to support the employees and have already initiated matters with relevant government agencies to ensure the full range of support is available to all those affected."

In the company’s last accounts, for the year ended September 30 2018, it reported turnover of close to £35.9 million, down slightly from £36.2 million in 2017. Gross profit stood at £3.75 million, down from £4.4 million in 2017.

At the time, the company reported fixed assets of £4.3 million and current assets of £18.1 million, up from £13.8 million 2017. Net assets stood at around £8.5 million.


View the latest distressed UK businesses here.


Share this article



Latest Businesses for Sale

Joinery Business
Gwent, Wales, UK

Very well-established Joinery company, which was founded in 2008. Our client now looks to sell the business, due to other business interests. The business supply quality furniture and fire doors to all parts of the UK and are licensed to supply Coria...

Asking Price: £689,995
Turnover: £466,764

FREEHOLD


Fabrication, Supply & Installation of Windows & Doors
West Midlands, UK

Fabrication, supply and installation of UPVC and aluminium doors and windows, principally for commercial customers. Long-standing and highly regarded supplier to large building contractors and key public sector markets, including education, the NHS,...

Asking Price: Offers Invited
Turnover: £4,200,000

FREEHOLD


Independent Building & Property Maintenance Contractor
Carlisle, North West, UK

Very well established Ltd Co with impressive reputation & client base offering wide range of premium quality trade services from well fitted and equipped serviced office premises in historic city centre. Offers invited.

Asking Price: £75,000
Turnover: £500,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
05
 
Jun
 

Azzurri Group exploring options for sale | BUSINESS SALE

Azzurri Group has engaged advisers to explore a potential sa...

 
04
 
Jun
 

Frankie & Benny’s owner to permanently close 120 restaurants | BUSINESS NEWS

The Restaurant Group, which owns chains including Frankie & ...

 
03
 
Jun
 

28 Oddbins stores saved after acquisition by unnamed buyer | BUSINESS SALE

28 Oddbins stores will remain open after the off-licence ret...

Free guide: 10 Biggest Buyer Mistakes

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

Email


Related News

 
05
 
Jun
 

Azzurri Group exploring options for sale | BUSINESS SALE

Azzurri Group has engaged advisers to explore a potential sa...

 
22
 
May
 

Owner of Joe.co.uk enters administration | ADMINISTRATION

Joe Media Limited, the UK parent company of social news webs...

 
12
 
May
 

Oban-based construction contractor goes into administration | ADMINISTRATION

Scottish construction business Neil McGougan Limited has gon...

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