Thu, 08 Mar 2012 | ADMINISTRATION
Lincolnshire building firm, Bowman, has entered administration after amassing debts of around £2.6 million.
The company announced its intention to appoint administrators last month, at which point it laid off most of its staff. Chris Stirland, from FRP Advisory LLP, and David Broadbent, from Evolution Business Recovery Services, were appointed as joint administrators on Friday last week.
They have embarked on a process of winding down the business and finding potential buyers for any of its assets in order to return as much as possible to the company’s creditors.
“The business is not in a position to trade and so we will begin the process of orderly wind down,” Mr Stirland said. “[We] are now working to recover as much value as possible for creditors, who will receive notification of the administration during next week.”
The administrators said that Bowman had had a turnover of between £10 million and £14 million. It was first founded in 1886 and much of its work involved the refurbishment of heritage properties.
The Rutland and Stamford Mercury reported that Bowman’s chairman, Peter Loft, had brought in James Deacon as a new managing director last year, after admitting that the company was experiencing trading difficulties.
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