Tue, 29 Dec 2020 | ADMINISTRATION
Goodwin’s Construction Services Group has announced that it has fallen into administration as a result of cash flow issues.
According to the company, its financial problems stemmed from a contract dispute in 2019 but have been exacerbated by the strains of the COVID-19 pandemic.
The Manchester-based firm has appointed FRP Advisory as administrators to handle its assets and debts, including around £2.9 million which is owed to creditors.
According to the administrators, the firm will realise £360,000 from the sale of assets, the recovery of inter-company debts and the repayment of the director’s loan account.
The firm had received a loan of £700,000 at the end of June to help it stay afloat, but it was unable to secure the additional £650,000 it required to continue trading successfully.
Commenting on the firm’s financial problems, Goodwin’s director Richard Goodwin added: “Due to the continuing effects on the market due to COVID-19, the company suffered cashflow difficulties in excess of those initially anticipated when the CBILS loan was requested.”
The company is a subsidiary of Goodwin Construction Group Holdings, which is owned by the Goodwin Group. Neither of these firms have been impacted by the administration.
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