Thu, 23 May 2013 | ADMINISTRATION
Another building services contractor has entered administration as the cutbacks in government spending and the ongoing economic downturn continue to take their toll.
Farrelly (M&E) Building Services Ltd entered administration earlier this month, with Butcher Woods appointed to handle the affairs of the Sutton Coldfield company.
Farrelly has been trading since 1995, providing a “diverse portfolio of mechanical and electrical services to the construction industry”. The company covers the whole life of buildings, providing design, build and service assistance to buildings across the sectors.
The company's website states: “Our common purpose throughout the business is to provide a world class service, offering innovative and creative solutions to enhance the reputation and profitability of our client, the organisation and our employees.”
The business was run by a family and had conducted business for commercial and industrial markets. Its clients have included big names such as London Underground, Asda and Hilton Hotels.
The latest financials filed for the business show that there has been a significant drop in its net assets, which fell by over 75 per cent between 2011 and 2013, while its total assets were down over 46 per cent and total liabilities were down 42 per cent.
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